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He is hoping that the desire for the Arkenstone would force Thorin to negotiate with the Men and Elves instead of fighting with them.
Bilbo believes that if the men and elves have the Arkenstone, which Thorin values even more than gold, they may be able to convince the dwarves to bargain with them. If an agreement can be reached, it will spare a good deal of bloodshed.

Also, Bilbo is getting quite tired of being trapped in the mountain, and wants to be somewhere with green grass underfoot and better meals.

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What is the name of the stone Bilbo is expected to steal in the hobbit?

The Arkenstone


Who took the Arkenstone in the hobbit?

Bilbo took the Arkenstone from Smaug's treasure trove. He gave it to the men to use as a negotiating tool.


Who has the Arkenstone in 'The Hobbit'?

Smaug has the Arkenstone in his hoard. Bilbo acquires it from the pile of treasure. He then gives it to Bard. Bard puts it with Thorin when he is buried. That is where it stayed.


In the Hobbit by J.R.R Tolkien what did Bilbo secretly give to Bard to help him with his talks to Thorin?

Bilbo snuck out of the Dwarves camp and delivered the Arkenstone to Bard.


How does Thorin make amends with Bilbo in The Hobbit book?

He forgives Bilbo for stealing the Arkenstone, and then tells Bilbo that everyone should be like the hobbits: more concerned with comfort than with treasure. Then Thorin dies. He is buried with the Arkenstone, and Dain, Thorin's cousin, is proclaimed the new king.


What stone did Bilbo take?

Bilbo took the Arkenstone. It was the treasure Thorin desired most.


What terms did Thorin and Bilbo come to in 'The Hobbit' in Chapter 17?

When Thorin learned of Bilbo's treachery he kicked him out and said that the 1/14 share promised to Bilbo would be used to buy back the Arkenstone. He figured Bilbo would get little of it.


What does Bilbo take from the mound of treasure?

Bilbo takes the Arkenstone. He isn't entirely sure why he does it, but he picks it up and knew exactly what it was. He had some idea it might be of use later on.


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Bilbo takes possession of the Arkenstone without telling Thorin.


What is Bilbo Baggin's name from 'The Hobbit'?

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What did Bilbo put in his deepest pocket?

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How does Bilbo defend himself when Thorin accuses him of stealing the Arkenstone?

Bilbo claimed that under the terms of the contract he was due a proportion of the dragon's treasure, and that he had taken the Arkenstone as his share.