In this chapter, Bilbo Baggins and the group of dwarves, led by Thorin Oakenshield, continue their journey after leaving the Shire. While traveling through the wilderness, they encounter difficulties, including hunger and fatigue. The dwarves are particularly grumpy due to their empty stomachs, and Bilbo feels a mix of anxiety and determination to prove himself.

As they move deeper into the wilderness, the adventurers stumble upon a trio of trolls—Tom, Bert, and William—who are engaged in a conversation about their dinner plans. The trolls are portrayed as brutish and dim-witted, with a fondness for eating anything that crosses their path, particularly travelers. Bilbo, eager to impress his companions, volunteers to sneak up on the trolls and steal some of their provisions. However, his attempt goes awry, and he is caught by one of the trolls.

The dwarves, upon seeing Bilbo in trouble, rush to his aid. Unfortunately, they are soon captured as well. The trolls, enjoying their success, plan to cook the captured hobbit and dwarves for dinner. The situation appears dire, with the trolls discussing how they will prepare their meal, revealing their brutish nature and lack of intelligence.

Just when it seems all hope is lost, Gandalf the wizard appears. Using his cunning and magical abilities, he tricks the trolls into arguing amongst themselves, causing confusion. He cleverly mimics the voices of the trolls, making them believe that they are being attacked by one another. In their bewilderment, the trolls begin to fight among themselves, which gives Gandalf the opportunity to rescue Bilbo and the dwarves.

With the trolls distracted, Gandalf quickly frees the captured adventurers and leads them to safety. As dawn breaks, the trolls are turned to stone due to exposure to sunlight, a fate that befalls all trolls in Tolkien's world when they are caught out at day. The group then explores the trolls' camp, where they discover a cache of food and treasure. The dwarves are delighted to find weapons and provisions that they can use for their journey ahead.

Bilbo's first attempt at heroism, though initially a failure, ultimately leads to a lesson in bravery and quick thinking, which sets the tone for his character development throughout the journey. This chapter highlights the themes of danger, camaraderie, and the growth of Bilbo as he begins to understand the complexities of adventure and the importance of teamwork. The chapter ends with the group feeling more united and ready to face the challenges that lie ahead.