There is no one-size-fits-all solution, and you have to be familiar with many patterns. To add to what Angelos have already mentioned, one important pattern is masu-stem as a noun.
* to peek / peeper
* to use magic / magic user → wizard
* to play sumō / sumō wrestler
* to raise sheep / sheep raiser → shepherd
"Jack the Ripper" is in Japanese, and is the masu-stem of the verb ("to rip/tear").