Most obviously, Mona was "A" once, and she could be "A" again. She still has the motive, and she definitely still has the crazy.
In season four's Summer finale, she meets up with Shana, leading us to think she can't really be trusted.
In this scene with Wren, Mona talks about loyalties and secrets, and it's hard not to detect that evil gleam in her eye.
Why It's Not Possible:
Mona gets caught in the lodge fire with the rest of the girls. So, not only did Mona not start it, but she was put at serious risk of injury.
Mona doesn't know who Red Coat is.
It's clear that, while Mona was the original "A," someone has taken the game away from her and made her a puppet. This person, or "Uber A" can't be Mona too.