In The Lord of the Rings: The Fellowship of the Ring, Elrond leads the Council of Elrond. The council meets in Rivendell after Frodo arrives there carrying the One Ring.
Elrond is the lord of Rivendell and one of the oldest and most influential figures in Middle-earth. At the council, representatives from several peoples discuss the danger posed by Sauron and debate what should happen to the Ring. The group ultimately agrees that the Ring must be destroyed in Mount Doom.
The council also establishes the Fellowship of the Ring. Its members include Frodo, Samwise Gamgee, Merry Brandybuck, Pippin Took, Aragorn, Gandalf, Legolas, Gimli, and Boromir.
Elrond is sometimes confused with Celeborn, another important elf lord. Celeborn rules Lothlórien with Galadriel, while Elrond rules Rivendell and hosts the council.