Spoilers ahead for The Mandalorian Episode 5. Ming-Na Wen finally made her appearance on The Mandalorian as assassin Fennec Shand. But her time on the series was short-lived when Jake Cannavale's Toro Calican killed her. Yet, her death could have major repercussions given that the person at the end of The Mandalorian Chapter 5 is lurking over her body. This mystery person crouched down over Shand's dead body and will probably want to find out who's responsible for her death — and it could lead them directly to Mando and Baby Yoda.
While Mando didn't kill Shand, her fate was directly impacted by his actions. To pay to fix the Razor Crest, he took on a job helping Toro Calican. Calican badly wanted to get into the Bounty Hunter Guild and enlisted the help of Mando in capturing Shand. Calican couldn't have done it on his own since Mando said, "Fennec Shand is an elite mercenary, she made her name killing for all the top crime syndicates, including the Hutts. If you go after her, you won't make it past sunrise."
But while he was new to bounty hunting, Calican was not so innocent. When Shand offered to help him turn Mando into the Guild, he took her tip and then shot her dead. Mando found Shand's dead body and was able to kill Calican, so he and Baby Yoda escaped unscathed. But as it seems that Mando had stolen all of Shand's money off her dead body and gave it to Amy Sedaris' Peli Motto, her connections may come looking for him.
While there are plenty of people searching for Mando and Baby Yoda on the Client's orders, it seems unlikely that such a dramatic cliffhanger ending would be reserved for a random bounty hunter. Instead, here are some top theories on who that person at Shand's dead body is.