Gandalf appropriates Glamdring to be his own sword, and the leader of the dwarves, Thorin Oakenshield, takes Orcrist to be his own.
Orcrist was laid on Thorin's tomb after the Battle of Five Armies and warns the defenders of the Lonely Mountain of pending attacks.
It, along with Gandalf's and Thorin's swords, was made by the Elves of Gondolin before the Fall, although how these weapons ever survived and came to Middle Earth is unknown.