Summary

Chapter 5. Bilbo awakens to find that his companions have deserted him. He crawls along the tunnel he is in and finds a ring on the floor. He sticks it in his pocket and forgets about it. The tunnel leads Bilbo downward and he eventually splashes into water; he is uncertain as to whether it is merely a small pool or much larger. He cannot swim so he does not dare to investigate further. Gollum, who lives in the lake, sees Bilbo and approaches him on the little boat he uses for fishing and traversing the lake. Bilbo and Gollum make a bargain that if they exchange riddles and one does not answer the other wins. If Bilbo wins Gollum will lead him out of the caves, and if Gollum wins he will eat Bilbo.

Bilbo and Gollum exchange many riddles and both know the answers...