This is TheGamersJoint's theory on who the lost masters are.

 

 

Now he said Xehanort was somehow, someway Master Xehanort was there when the foretellers existed. I think he disregarded the HD 2.5 Remix secret episode at the end of Re:coded with what Young Xehanort said regarding Master Xehanort's keyblade.

 

 

Not only that, Nomura has said the story of KHX and UnX take place in the ancient times.

 

 

It’s the oldest of tales in the series. Sora and co haven’t even been born yet

 

With these two antitheses, I believe Master Xehanort was not around nor had some form of existence during the Keyblade War.  However,I do believe the leaders of the five unions are not only the foretellers, but also the lost masters (to be honest, when I first heard the term, I could not help think of Ventus, Terra, and Aqua). What do you all think? If I missed something or have your own theory, please share.

Edited May 23, 201510 yr by KingdomHearts3

why would Xehanort be alive during the Keyblade War, he clearly refers to it as a legend and had to do research on it

why would Xehanort be alive during the Keyblade War, he clearly refers to it as a legend and had to do research on it

most likely its time travel but i hope this isn't true because the stuffs hard to comprehend 

why would Xehanort be alive during the Keyblade War, he clearly refers to it as a legend and had to do research on it

Thank you! I was thinking the same thing. We need to petition him and tell him he has made a mistake.

While me searching I found this...5 tombs with four X on the top and one O.

For me I think the 5 tombs are the graves of lost masters(4 X means like dead or something?and one O means alive or just disappeared all of a sudden)