Orcrist:
* Discovery: Thorin Oakenshield and his company find Orcrist in the goblin tunnels under the Misty Mountains. It's described as a "great broadsword, gleaming like ice," and is instantly recognized by Thorin as belonging to his ancestors.
* Power: The sword is said to "bite like frost" and is highly effective in combat. It also emits a cold blue light when Orcs are near, making it a useful tool for detecting their presence.
* Fate: Orcrist is eventually lost in the Battle of Five Armies, likely falling into the hands of the goblins.
Glamdring:
* Discovery: Gandalf the Grey finds Glamdring in the same goblin tunnels where Orcrist is discovered. He describes it as "a beautiful sword, bright and cold," and recognizes it as a weapon from the First Age, a time when the Elves wielded great power.
* Power: Glamdring is a powerful blade that shines a bright blue light when Orcs or other dark creatures are nearby. Gandalf uses it to great effect in defending Thorin and his company from the goblins.
* Fate: Glamdring remains with Gandalf throughout the events of The Hobbit and The Lord of the Rings, becoming a symbol of his authority and courage.
Important Note: The history of Orcrist and Glamdring is further expanded upon in The Lord of the Rings, where we learn that both swords were created by the Elves during the First Age. They were initially named Narsil and Aeglos, respectively, and played important roles in the wars against Morgoth.
While The Hobbit introduces these weapons and their initial significance, their true history and legacy are ultimately revealed in the grander narrative of The Lord of the Rings.