Escape from the Goblins

The escape from the goblin tunnels begins immediately after Gandalf kills the Great Goblin and extinguishes all light in the cavern. In the sudden darkness, the wizard's sword Glamdring flashes with its own light, and he commands the company to follow him. The dwarves, still chained, are forced to run through the dark passages, with Dori carrying the hobbit Bilbo Baggins on his shoulders. The goblins, recovering from the shock, soon give chase, their cries and the flap of their feet growing closer. The fugitives are deadly tired, and Bilbo, bumping up and down on the fat Bombur's back, laments leaving his hobbit-hole, while Bombur in turn regrets bringing a hobbit on a treasure hunt.

The Rearguard Action and Bilbo's Separation

At a sharp corner, Gandalf and Thorin Oakenshield fall behind and turn to face the pursuing goblins. The goblins, seeing the swords Orcrist and Glamdring—which they call Biter and Beater—shriek in terror and retreat. This gives the company a respite, but the goblins soon send their swiftest runners, who move as silently as bats. Dori, carrying Bilbo at the rear, is grabbed from behind in the dark. He shouts and falls, and Bilbo rolls off his shoulders, bumps his head on the hard rock, and loses consciousness. When he awakens, he is alone in the absolute darkness, with no sign of goblins or dwarves.

Discovery of the Ring

Groping on all fours, Bilbo's hand meets a tiny ring of cold metal lying on the floor of the tunnel. He puts it in his pocket almost without thinking, not realizing it is a turning point in his career. He then draws his elvish dagger, which shines with a pale light, and decides the only way is forward. He follows the tunnel down, down, until he comes to an icy underground lake, where he encounters the creature Gollum. After a tense riddle-game, Bilbo wins the contest, and Gollum, enraged at losing his "precious" golden ring, attempts to kill him. As Gollum attacks, Bilbo, fleeing, accidentally slips the ring onto his finger and discovers it makes him invisible. He follows Gollum, who leads him to the back-door of the goblin realm, and then leaps over the creature's head to escape.

Reunion and Aftermath

Bilbo emerges from the tunnel into the open air, but finds the exit guarded by goblins. Using the ring's invisibility, he dodges them and squeezes through the door, losing his buttons in the process. He wanders alone until he hears voices and discovers Gandalf and the dwarves, who are debating whether to go back and rescue him. Bilbo steps into their midst and slips off the ring, astonishing them. His reputation among the dwarves soars, and Balin, the lookout, takes off his hood to him. The company, now reunited, has lost their ponies, food, and baggage, but they have killed the Great Goblin and escaped. Gandalf leads them on, and they soon find themselves sliding down a stone-slope into a pine forest, where they are then attacked by Wargs and rescued by the Great Eagles of the Misty Mountains.