Adaptation of the first book of J.R.R. Tolkien's classic fantasy trilogy. The setting is Middle-earth, a mythological land populated by elves, dwarves, humans, and the gentle, diminutive hobbits upon whom the story centers. One hobbit, Frodo Baggins, unexpectedly comes into possession of an ancient magical ring so powerful it invariably corrupts anyone who wears it. In order to prevent the ring's erstwhile owner, the dark lord Sauron, from reclaiming the ring and taking over Middle-earth, a motley band of comrades set out to destroy it in the fires of Mount Doom, where it was forged.