To find the figure that replaces the question mark (?) in the series, let's analyze the sequence of nested shapes in each figure from outermost to innermost.

In each step, the set of shapes involved are:
1. Hexagon (6 sides)
2. Pentagon (5 sides)
3. Square (4 sides, flat base)
4. Circle (curved boundary)
5. Diamond (4 sides, rotated square)

Let's list the nested order of shapes from outermost to innermost for each given figure in the series:

Figure 1:
Hexagon → Pentagon → Square → Circle → Diamond (Innermost)

Figure 2:
Diamond → Hexagon → Pentagon → Square → Circle (Innermost)

Figure 3:
Circle → Diamond → Hexagon → Pentagon → Square (Innermost)

Pattern Analysis:
In each subsequent figure, the innermost shape of the previous figure shifts to become the outermost shape of the next figure. All other shapes shift inward by one position while maintaining their relative order. This is a cyclic shift:
- From Figure 1 to Figure 2, the innermost Diamond becomes the outermost shape.
- From Figure 2 to Figure 3, the innermost Circle becomes the outermost shape.

Following this cyclic pattern, to get Figure 4:
The innermost shape of Figure 3 is the Square, so it must become the outermost shape of Figure 4.
The remaining shapes shift inwards, keeping their cyclic order: Square → Circle → Diamond → Hexagon → Pentagon (Innermost).

Comparing this structure with the given options:
- Option 1 shows: Square (outermost) → Circle → Diamond → Hexagon → Pentagon (innermost). This perfectly matches our predicted sequence.

Therefore, the correct figure is Option 1.