Investigators said Theesfeld will go before a circuit court judge on Tuesday morning for an initial appearance.
During a routine patrol, officers found Kostial's body in Harmontown, Mississippi, on Saturday.
According to WLBT, Kostial was last seen stopping at the door of a bar on the square Friday night.
Kostial was working toward a bachelor’s degree in marketing in the School of Business Administration at the University of Mississippi.
Lafayette County deputies will not release any additional information about the case.
Here's a statement from the University of Mississippi concerning Kostial's death:
“We are truly saddened by the death of Alexandria Kostial. Ally was a valued member of our campus community. We extend our deepest sympathy to her family, friends, and classmates and stand ready to support them during this time. We appreciate the work of the Lafayette County Sherriff's Department and Coroner as they conduct their investigation.”