General:
* Hypothesis
* Speculation
* Conjecture
* Notion
* Idea
* Concept
* Principle
* Model
* Framework
* Explanation
* Proposition
* Postulate
More specific:
* Scientific theory: Law, model, paradigm
* Social theory: Perspective, ideology, paradigm
* Literary theory: Approach, interpretation, criticism
The best synonym will depend on the specific context in which you are using the word "theory."