Call.

He could think you have a PP from 88-QQ and be trying to push you off it. He could think you were on the diamond draw and is trying to push you off it. He could be value-betting AK, or a worse king. Hell, he could be value betting QQ here thinking you might call with a lower PP, thinking he is full of it.

How active has he been preflop? This looks like an ideal time to 4bet with your AK. First of all it's a CO vs BB battle, so you can assume wider hand ranges than normal. Then he probably noticed that your raise was an isolation raise because of the limper and could be making this move with a pretty wide range. It's also pretty hard to play AK well in a 3bet pot (granted it's easier being in position, but still) it's difficult to extract when you hit AND are ahead, and fairly easy to stack off when you hit and are behind. You'll also find yourself folding the best hand very very often when he has something like 56s and CBs a 29T flop or whatever.

edit: He probably has 99, KK or AA, but not often enough for this to be a fold.

If hes pretty tight , I wouldnt call the reraise (unless youve been raising mercilously from LP).

I really prefer a pf 4 bet here...you can get him off of QQ/JJ...who knows, maybe KK. Looks like he doesn't have AA here...maybe, but I think it's an easy river call. You can't raise since you only really get a call from KQ and he won't have KQ here. I smell JJ-AA/AK, and you can't fold.

Nihan sir. (reraise pf plz).