Kostial, who was also an Ole Miss student, was found dead near Sardis Lake Saturday morning.
Theesfeld was found on South Parkway when Memphis police picked him up in an operation with Mississippi law enforcement officials. He was taken back to Mississippi for questioning and was later arrested.
Theesfeld faced a judge Tuesday morning but no bond was set.
Ole Miss confirmed he has been suspended from the university since his arrest.
The news came as a shock for students on campus.
“I was scared for my safety and everyone around,” said Apoorva Mate, student. “It was scary because, in such a safe community, you wouldn’t expect something like that to happen.”
Law enforcement sources told WLBT in Jackson, Mississippi that Kostial had been shot eight times. She was captured on surveillance video Friday night outside Rooster’s on the Oxford square, but she didn’t go inside.
We have also learned investigators obtained surveillance video from a market in Como near the lake that captures Kostial and Theesfeld together.
Investigators have not confirmed the relationship between the two students. Both were from out of state. Kostial was from the St Louis, Missouri area and Theesfeld was from Fort Worth, Texas.
They were both business students at Ole Miss.
Kostial was a member of the Alpha Phi sorority where black ribbons have been tied on the organization’s house.
Ole Miss interim chancellor Larry Sparks released a statement saying, “The death of Ally Kostial shocks the conscience, causes pain and sorrow, but does not define our campus community.”
The university is also offering walk-in grief counseling for students who may need it.
Theesfeld’s father, Daniel, released a statement Tuesday afternoon while driving to Oxford from Texas.
He said he did not want to comment further until he spoke to his son.
Court officials and the DA are unsure when that bond hearing could be held.
Theesfeld’s attorney Swayze Alford was unavailable for comment Tuesday afternoon.