Hal, Falstaff, Poins, Peto, and Bardolph gather on a roadside at Gads Hill in anticipation of the robbery they've planned. Because Poins has hidden Falstaff's horse, Falstaff complains he's too fat to walk – he'll wheeze and fart if he has to waddle too far.
Falstaff jokes that Poins has bewitched him because, even though he's a rascal, Falstaff still loves him.
Gadshill arrives (presumably, from the inn he visited in the last scene) and greets his cronies, who are hiding in wait.
Bardolph (or Gadshill, depending on your edition of the play) says the king's exchequer (treasury) is coming down the road – everyone be quiet and get ready to pounce!
Falstaff worries they'll all be hanged for stealing from the king, but the others are psyched about getting rich.
Hal and Poins sneak off and disguise themselves while Falstaff, Gadshill, Bardolph, and Peto lie in wait for the exchequer.
After Falstaff and company rob the king's men, Hal and Poins jump out of the bushes and yell "stick 'em up!"
They slap Falstaff around a bit and take away his stolen loot. Falstaff runs off with his tail between his legs while Hal and Poins high-five.