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Far Cry 3's newest trailer focuses on Hoyt Volker. This is the second video detailing this character, which suggests that he's a rather important player in the game.
Volker runs both slave and drug trafficking operations. He maintains his control of the southern islands with a mercenary army. Taking him down will presumably take a large portion of the single-player.
It's not completely clear whether he's the Ultimate Bad Guy in the game, though. The character Vaas has appeared in more previews of the game so I'm more inclined to think he's the primary antagonist. Perhaps they're both just "mini-bosses," though and the real villain is lurking in the background.
For additional footage of Volker, check out the trailer from last month.