Maya could be alive. We don't ever see the body, nor do any of the girls. Could she have faked her death like Ali?
Mona's cryptic acronym implicates more than just Aria. The core message is "MAYA KNEW."
If Maya is alive, she'd have plenty of time in her schedule, say, to orchestrate everything "A" manages to pull off.
She lived in Ali's house while she was alive. Not to mention the fact that when Alison's mom comes back to Rosewood, someone's hiding out in the basement. Could be Maya.
Bianca Lawson, the actress who plays Maya, has hinted about Maya's return, saying, "You never know. Maybe."
Maya's crazy website, full of photos, videos, and blogs, is one of the big things she leaves behind. She could easily have created similar sites for other Rosewood citizens.
Why It's Not Possible:
She doesn't have a strong motive. The only way she's related to the girls is through Emily.
Um, she's very likely dead. Like, actually dead. Not just pretending.