Aegir (also known as Gymir) had prepared ale for the Gods, as he was told to do when he received the great kettle earlier. To his party came: Odin and his wife Frigg, Thor's wife Sif (Thor did not attend for he was off in the east), Bragi and his wife Idun, Tyr (who had his hand bitten off while binding Fenrir), Njord and his wife Skach, Frey and Freya, and Odin's son Vidar. Also there were Loki and Frey's servants Byggvir and Beyla. There were many other lesser gods and elves as well. Great and constant praise was heaped upon Aegir's servants Fimafeng and Eldir for the the ale appeared to serve itself and a great peace existed in that place. However, Loki could not bear to hear such praise so he killed Fimafeng. This outraged the gods who raised their voices and shook their spears driving Loki away into the woods. When Loki returned he met Eldir outside and said to him: 
 

• Loki: Stay where you are, step no further Eldir. Till you have told me of what the Gods, of what the elves are talking over their ale.
• Eldir: They boast of their weapons, their boldness in arms as they sit by the banquet board. But none of the Gods nor none of the elves speak of or wish you well.
• Loki: I shall go in to eye them feasting in Aegir's banquet hall. I intend to stir up strife and hate, mingle gall with their mead.
• Eldir: If you go in to eye them feasting in Aegir's banquet hall and sprinkle the Gods with spite and malice they will wipe your face with your words. 
• Loki: I tell you, Eldir, if we two should begin to bandy bitter words, I should be ready with apt replies were you to wag your tongue. 

Loki enters the hall

• Loki: From a long journey has Loki come and thirsty is his throat. I ask the Gods to give me a cup, a great goblet of mead. 
• Loki: Why so silent and sullen, gods?  Too moody to speak with me? Appoint me a seat, a place at the feast, or else bid me be off. 
• Bragi: An appointed seat, a place at the feast? The gods will never give you. You are not one they wish to invite as a friend to their pleasure feast. 
• Loki: Remember, Odin, in the olden days what blood-brothers we were.You would never have dreamed of drinking ale unless it was brought for us both.
• Odin: Make room, Vidar, room for the Wolf's Father to sit at our feast. Lest Loki abuse us with bitter words In Aegir's banquet hall. 
• Loki: Hail to the Gods, hail to the Goddesses, Hail to the Holy Powers, Hail to you all, all but one. You Bragi, on that bench. 
• Bragi: I will give you a mare, a mace also. And, to better the bargain, a ring. To refrain, Loki, from malicious words. Inciting the gods against you. 
• Loki: Neither horses nor arm-rings have you to give. For you lack both Bragi. Of all who sit here, elves and Gods You are the most backward in battle. The shyest when arrows are shot. 
• Bragi: If I were outside, not sitting at table In Aegir's banquet hall. My arm would have your head from your neck. With pain to repay your lies. 
• Loki: Boldly you speak, less boldly you act Bragi, the bench-ornament. If you are angry come out and fight. A hero should feel no fear. 
• Idun: Think Bragi, I beg, of our children. Of all our kith and kin and do not bandy abuse with Loki in Aegir's banquet hall. 
• Loki: Enough, Idun! I know what you are. The most wanton of women.Once, half-washed you wound your arms about your brother's killer. 
• Idun: I will not bandy abuse with Loki in Aegir's banquet hall. Be calm Bragi, and keep the peace. Nor let ale rouse you to rage. 
• Gefjun: Why at the table should two gods bandy bitter words? Loki is envious as we all know and hates the Holy Powers. 
• Loki: Enough, Gefjun! I know your secrets. I know your seducer's name. The white god who gave you a jewel to lay your leg over his.
• Odin: You are mad Loki, you have lost your wits. To give offense to Gefjun. She is wise, I think, and of what is to come beholds as clearly as I.
• Loki: Enough, Odin! You have never been a just judge of warriors. You have often allowed, as allow you should not, faint-hearted fighters to win. 
• Odin: If I have allowed, as allow I should not, faint-hearted fighters to win. You lived under the earth for eight winters, bore babies there, and were milked like a milch-cow playing a woman's part.
• Loki: Charms on Samsey, they say you worked. Wicked spells like a witch. Flew about in the form of a wizard and played a woman's part. 
• Frigg: You are mad, Loki, to mention here. Aloud among the living. What befell two Gods in former days and disdain their deeds of old. 
• Loki: Enough, Frigg! You are Fjörgyn's daughter and have ever played the whore. Both Ve and Vili, Vidrir's wife, You allowed to lie with you. 
• Frigg: If I still had a son sitting here. As brave as Baldur was. You would not escape unscathed from the hall. Before you fought with him. 
• If you like Frigg, there's a lot more I can tell you about my tricks. For I saw to it that your son died. That Baldur will not come back. 
• Freya: You are mad Loki, to mention here your foul and ugly arts. Frigg knows all that is fated to be. Though she does not say so herself. 
• Loki: Enough, Freya! I know well you have been as bad as the rest. With all who sit here, elves and gods. With each you have played the whore.
• Freya: False is your tongue. You will find before long that ill comes to the evil. The Gods are enraged, the goddesses also. Unhappy will you go hence. 
• Loki: Enough, Freya! I know you a witch who has done many wicked deeds. You enticed into bed your own brother, remember, And then, Freya, you broke-wind. 
• Njord: It's a small matter if a maiden chooses to lie with a husband or lover. But a shameful sight is a She-god who has given birth to babies. 
• Loki: Beware, Njörd! I know you were sent from the east as a hostage to Gods. For Hymir's daughters you did as a urine-trough. They made water in your mouth. 
• Njord: It comforted me when I came from afar. In the east as a hostage to gods. To beget a son who is greatly loved and appears the prince of Gods. 
• Loki: Beware, Njörd! It is wise to be modest. Your secret I shall not conceal. On your own sister that son you begot. What else would one expect?
• Tyr: Frey is the best of all bold riders in the golden courts of the gods. Never dallies with maidens, nor men's wives. But frees all from their fetters.
• Loki: Enough, Tyr! You have never known how to make peace between men. Feeble you are since Fenris bit your right hand off at the wrist. 
• Tyr: I lost a hand, but you lost a son. The wolf brought woe to us both. In painful fetters shall Fenris lie until the twilight of gods.
• Loki: Enough, Tyr! You know that your wife mothered a son by me. Nor rag nor penny were you paid for that in recompense, wretched one. 
• Frey: I see a channel and a chained wolf lying until the twilight of gods. Forger of lies, unless you be silent. That fate will fall on you next.
• Loki: With gold you bought Gymir's daughter. For her you sold your sword. When Muspell's sons over Mirkwood ride. Faint shall you feel at heart. 
• Byggvir: Could I own to the lineage of Ingvi-Frey and sit in so honored a seat. I would pound you, crow, to pulp for your words and break every one of your bones.
• Loki: What do I see wagging its tail and yelping like a spoiled pup? To Frey it must sound like slave-girls' Jibber-jabber at the quern.
• Byggvir: My name is Byggvir, known I think to all for my hot temper. Happy am I that Hropt's kin Are gathered over their ale.
• Loki: Enough, Byggvir! You have never learned how to carve meat for men. When others fought you hid yourself under the straw of the hall.
• Heimdal: Drink, Loki, has dulled your wits. It is time to leave it alone. When ale begins to take hold of a man he babbles babyish nonsense.
• Loki: Enough, Heimdal! I know that fate assigned you a servile task. With a damp bottom you are doomed to stay awake to guard the gods.
• Skadi: You are lively Loki, but, like it or not. You will not be loose for long. The Gods will bind you to the blade of a sword with the guts of your ice-cold heir. 
• Loki: If the gods bind me to the blade of a sword with the guts of my ice-cold heir. I was foremost at the slaughter, first to lay harsh hands on Thjazi. 
• Skadi: If foremost at the slaughter, first to lay harsh hands on Thjazi. Ominous words shall you hear in my temple. Dire prophecies on my plains. 
• Loki: Livelier your words to Laufey's son when you bid him come to your bed. Now is the time for telling all. That must be told of too. 
• Sif: Hail, Loki! Let me hand you now a cup of cold mead. Admit that in one among the Gods even you can find no fault.
• Loki: That would be Sif, for wary ever and cautious you kept to yourself. Except that you lay with a lover once as well as Thor, I think, and the lucky one was Loki. 
• Beyla: The fells tremble, the fields shake. That must be Thor returning. He will surely smite the shameless mocker of Gods and the sons of Gods. 
• Loki: Enough, Beyla! You are Byggvir's wife and mingle in much evil. A disgrace it is that where Gods sit such a dung-bird and coward should come.

Thor enters the hall 

• Thor: Be silent and grovel or my great hammer Mjöllnir shall shut your mouth. Your shoulder's stone I will strike from its neck. Lifeless you shall lie. 
• Loki: So! The Son of Earth is here at last! Why do you rant and rage? Less bold you will be when you battle with Fenris and he swallows Odin whole.
• Thor: Be silent and grovel, or my great hammer Mjöllnir shall shut your mouth: Be silent or Thor will throw you to the east where no god shall see you again.
• Loki: Of your eastward journey, if I were you, I would not speak before warriors. You cowered, Thor, in the thumb of a glove. And forgot that you were a god. 
• Thor: Be silent and grovel, or my great hammer Mjöllnir shall shut your mouth. My hand will fell you with Hrungnir's-killer. Break every one of your bones.
• Loki: I reckon I shall live to a ripe old age for all your threats with the hammer. Skrymir's straps were strong, you found, when you could not get to your gear and almost died of hunger.
• Thor: Be silent and grovel, or my great hammer Mjöllnir shall shut your mouth. I will send you to hel with Urungnir's-killer. Down to the gates of the dead.
• Loki: I have said to Gods and the sons of Gods what my mind was amused to say. But now I shall go, for I know your rages. With Thor I'm afraid to fight. 
• Loki: Ale have you brewed, Aegir, but never will you give a feast again. My flames play over all you possess. Already they burn your back. 

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From here Loki fled to hide in Franang's Falls in the form of a salmon but was soon caught by the Gods. He was then bound with the bowls of his son Nari. Skadi then caught a poisonous snake which was hung over Loki's face, it's poison dripping into it save for Sigyn who sits holding a bowl to prevent the poison from burning Loki.