In this chapter, Bilbo fulfills his destiny as burglar, a characterization by Gandalf that has been puzzling, because you know that Bilbo is not a criminal thief. He steals the Arkenstone, almost without knowing why he is doing it, but sure of the necessity of it. His judgment is proven shortly.
The dwarves are shown in their full character as the rather greedy creatures they are when they revel in the treasure that Smaug has abandoned. There is a sense that Thorin has come into a legacy that is rightfully his, but it is significant that the treasure is a material one.
