To find the missing number in the sequence 3, 5, ?, 27, 92, 349, we need to identify the pattern or rule that governs the sequence. Once we understand the pattern, we can apply it to find the missing number.

Pattern Analysis:
To analyze the pattern, let's look at the differences between consecutive terms in the sequence:

- The difference between 3 and 5 is 2.
- The difference between 5 and the missing number is unknown.
- The difference between the missing number and 27 is unknown.
- The difference between 27 and 92 is 65.
- The difference between 92 and 349 is 257.

Rule:
From the pattern analysis, we can observe that the differences between consecutive terms are increasing. The differences are as follows:

2, ?, ?, 65, 257

Calculating the Missing Differences:
To find the missing differences, we can look for patterns in the differences themselves:

- The difference between 2 and the missing difference is unknown.
- The difference between the missing difference and 65 is unknown.
- The difference between 65 and 257 is 192.

Calculating the Missing Number:
Now, let's calculate the missing number using the differences we found:

- The missing difference between 2 and 65 is 32.
- The missing difference between 32 and 192 is 112.

To find the missing number, we add the missing difference of 112 to the previous term in the sequence:

92 + 112 = 204

Therefore, the missing number in the sequence 3, 5, ?, 27, 92, 349 is 204.

Conclusion:
The missing number in the given sequence is 204 (option D).