Nancy Guthrie may have been kidnapped by individuals tied to a drug cartel — but she could still be in Arizona, according to one private investigator.

Bill Garcia, a California-based investigator with more than 35 years of experience, told Border Report that he believes the 84-year-old’s disappearance could be a “money-making venture” carried out by people connected to a cartel, though he does not think she was transported into Mexico.

“That particular area of Arizona is a high drug and money transporting area,” Garcia said. “It has deepened my belief that this is in some way related to a money-making venture by people involved with a cartel.”

Nancy Guthrie — the mother of Today show host Savannah Guthrie — was reported missing from her Tucson home on Feb. 1. Authorities believe the 84-year-old was likely taken overnight, and the FBI has since released surveillance images showing a masked suspect at her front door.

Bill Garcia PI

While the motive remains unclear, officials have ruled out a burglary gone wrong. Pima County Sheriff Chris Nanos has suggested Guthrie may have been taken as “revenge for something,” though few additional details have been disclosed.

Private investigator Bill Garcia said the surveillance footage raises questions about the suspect’s level of experience. He argued the individual “doesn’t appear to be very sophisticated,” noting actions he believes a professional would avoid — including the way the suspect approached the camera and briefly lifted shrubbery in what Garcia said was an ineffective attempt to conceal it.

Garcia also pointed to the suspect’s clothing and equipment, describing a holster he said is typically made in Mexico that appeared too large for the firearm the person was carrying.

“Just the appearance and mannerisms makes me believe it is a low-level associate,” Garcia said.

Private investigator Bill Garcia believes that if Nancy Guthrie answered her front door, a struggle likely occurred after the home’s security camera was removed. Police have confirmed blood was found on the porch, though none was discovered leading away from the residence.

Garcia theorizes Guthrie may have been forced back inside the home, where he suspects a second person could have been waiting.

While some FBI sources have suggested Guthrie could be in Mexico — and TMZ reported federal agents have been in contact with Mexican officials — Pima County Sheriff Chris Nanos has said evidence collected by his team indicates she remains in Tucson. Garcia also disputes the idea that she was taken across the border, pointing to the heavy law enforcement presence between Tucson and Mexico.

Instead, he believes she may be somewhere north of Tucson, possibly within the 100- to 130-mile stretch between Tucson and areas outside Phoenix and Mesa.

According to the New York Post, authorities have not publicly supported Garcia’s cartel theory. The veteran California-based investigator, known in Southern California for solving complex missing persons cases — including locating a missing child’s body in 2002 after weeks of unsuccessful searching — said he is not seeking involvement in the case and would not insert himself into the investigation.