At the river's bleaching Guðrún boasts and reveals that it was Sigurðr, not Gunnarr, who rode the flame — and shows Andvari's ring. The wronged Brynhildr eggs on Gunnarr and Högni, who have their brother Gotthormr kill the sleeping Sigurðr; dying, Sigurðr cleaves the slayer in two with Gramr. Brynhildr takes her own life and is burned with him.

Þat var eitt sinn, at Brynhildr ok Guðrún gengu til vatns at bleikja hadda sína. Þá er þær kómu til árinnar, þá óð Brynhildr út í ána frá landi ok mælti, at hon vildi eigi bera í höfuð sér þat vatn, er rynni ór hári Guðrúnu, því at hon átti búanda hugaðan betr.

It was one time that Brynhildr and Guðrún went to the water to bleach their hair. When they came to the river, Brynhildr waded out into the river from the shore and said that she would not bear on her head the water that ran out of Guðrún's hair, because she had a husband braver in spirit.

Þá gekk Guðrún í ána eftir henni ok sagði, at hon mátti fyrir því þvá ofar sinn hadd í ánni, at hon átti þann mann, er eigi Gunnarr ok engi annarr í veröldu var jafnfrækn, því at hann vá Fáfni ok Regin ok tók arf eftir báða þá.

Then Guðrún went into the river after her and said that she might for that reason wash her hair higher up in the river, because she had that man than whom neither Gunnarr nor any other in the world was as valiant, since he slew Fáfnir and Reginn and took the inheritance of them both.

Þá svarar Brynhildr: "Meira er þat vert, er Gunnarr reið vafrlogann, en Sigurðr þorði eigi."

Then Brynhildr answers: »It is worth more, that Gunnarr rode the flickering flame, while Sigurðr dared not.«

Þá hló Guðrún ok mælti: "Ætlar þú, at Gunnarr riði vafrlogann? Sá ætlak at gengi í rekkju hjá þér, er mér gaf gullbaug þenna. En sá gullbaugr, er þú hefir á hendi ok þú þátt at línfé, hann er kallaðr Andvaranautr, ok ætlak, at eigi sótti Gunnarr hann á Gnitaheiði."

Then Guðrún laughed and said: »Do you think Gunnarr rode the flame? I think the one who went to bed with you was the one who gave me this gold ring. But that gold ring you have on your hand and received as morning-gift is called Andvaranautr, and I do not think Gunnarr fetched it on Gnitaheiðr.«

Þá þagnaði Brynhildr ok gekk heim. Eftir þat eggjaði hon Gunnar ok Högna at drepa Sigurð, en fyrir því at þeir váru eiðsvarar Sigurðar, þá eggjuðu þeir til Gotthorm, bróður sinn, at drepa Siguð. Hann lagði Sigurð sverði í gegnum sofanda. En er hann fekk sárit, þá kastaði hann sverðinu Gram eftir honum, svá at sundr sneið í miðju manninn. Þar fell Sigurðr ok sonr hans þrévetr, er Sigmundr hét, er þeir drápu. Eftir þat lagði Brynhildr sik sverði, ok var hon brennd með Sigurði, en Gunnarr ok Högni tóku þá Fáfnisarf ok Andvaranaut ok réðu þá löndum.

Then Brynhildr fell silent and went home. After that she egged on Gunnarr and Högni to kill Sigurðr; but because they were oath-sworn to Sigurðr, they egged on Gotthormr, their brother, to kill Sigurðr. He thrust his sword through Sigurðr as he slept. And when he got the wound, he threw the sword Gramr after him, so that it cut the man asunder in the middle. There fell Sigurðr and his three-year-old son, who was called Sigmundr, whom they killed. After that Brynhildr stabbed herself with a sword and was burned with Sigurðr; and Gunnarr and Högni then took Fáfnir's inheritance and Andvaranautr and ruled the lands.