Square Enix and Dontnod Entertainment have announced that Episode 3 ‘Chaos Theory’ for Life is Strange will be releasing May 19.

In this next installment of Life is Strange, Max and Chloe’s investigation into Rachel Amber’s disappearance lead them to break into Blackwell Academy after dark, to search for answers. Secrets will be uncovered and Max will find another use for her power.
Make sure you have played through Episodes 1 & 2 before continuing the story as your choices will carry over to Episode 3.
Life is Strange is available for PS4, PS3, Xbox One, Xbox 360 and PC. Episode 3 will release May 19.
Related: Life is Strange Episode 2 Out of Time Trailer
Source; Press Release
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