After absconding with the Tesseract during the happenings of “Avengers: Endgame,” a different iteration of Loki finds himself captured by the enigmatic Time Variance Authority. This bureaucratic entity operates beyond the confines of time and space, overseeing the integrity of the timeline. Loki is presented with a dilemma: either be wiped from existence for being a “time variant” or assist in repairing the timeline to thwart a more significant danger.