Gandalf the wizard asks Bilbo to go on an adventure with him and thirteen dwarves to help the dwarves reclaim their treasure that was stolen by a dragon.
We are going to go on an adventure!
Ok, I guess I can.
While on the adventure Bilbo gets lost in a cave and finds Gollums ring that turns him invisible.
He can't see me.. it makes me invisible!!!
NOOO, My Precious!!!
The dwarves have all been captured by elves, but Bilbo was not because of his ring. He then uses his cunning idea to take the keys from the leader of the guards. He then frees all of the dwarves from their prisons.
After their experience with the elves they make their way to the mountain where they find a secret entrance. They send Bilbo down It to see what is still there.
I can smell you.
After Smaug the dragon is annoyed by Bilbo and the dwarves he takes his anger out on Esgaroth, where he is shot in the heart and dies.
The dwarves find out that Smaug is dead and they have reclaimed their mountain and their treasure.