Full spoilers follow.
The engine of the plot is Orm's campaign to unite the seven undersea kingdoms under a single banner so that he can declare himself Ocean Master and launch a war of extermination against the surface world. Arthur's counter-move is not military but mythic: to challenge Orm's claim to the throne, he and Mera undertake a seafaring, globe-spanning scavenger hunt for the lost trident of King Atlan, the first ruler of Atlantis — a weapon that confers the authority no amount of political maneuvering can.
The quest's climax is a test rather than a fight. The trident is guarded by the Karathen, an ancient leviathan (voiced by Julie Andrews) that has rejected every claimant before Arthur, and the reason it accepts him is the thing he has spent the film being mocked for. Orm's central insult is that Arthur is a half-blood mongrel; the ocean's own guardian concludes the opposite — that the mixed heir is the worthy one. In a single beat the film inverts its own hierarchy of blood, which is why the subsequent battle feels less like a contest than a coronation already decided.
The ending: Arthur claims Atlan's trident, defeats Orm, and takes the throne as King of Atlantis. Crucially, Orm is beaten but not killed — the film refuses to erase a villain whose environmental grievance it has treated as legitimate, and mercy toward a brother is the first act of a king whose whole mandate is reconciliation rather than conquest. Arthur's victory is therefore not the defeat of Orm's argument but the replacement of his method.
Black Manta survives. His thread is the film's quiet counterweight: a vengeance inherited from his father, armored in stolen Atlantean technology, and deliberately left unresolved. Read thematically, it is the story's sting — Arthur can end a war between civilizations but cannot end a private cycle of grief, and the film closes with that engine still running.
What becomes clear only in retrospect: every antagonist in the film is family or the consequence of family. Orm's ideology is really wounded jealousy over their mother; Manta's crusade is really mourning; Arthur's refusal of Atlantis is really the pain of an exiled queen. The trident quest, which looks like a MacGuffin hunt on first viewing, is on reflection a therapeutic structure — Arthur must physically travel to the place his mother's story ended before he can inherit anything at all.