Lysander's ships were too few for him to venture to fight, and yet too many to allow of his remaining idle; he set out, therefore, and reduced some of the islands, and wasted Aegina and Salamis; and from thence landing in Attica, and saluting Agis, who came from Decelea to meet him, he made a display to the land-forces of the strength of the fleet, as though he could sail where he pleased, and were absolute master by sea. But hearing the Athenians pursued him, he fled another way through the islands into Asia. And finding the Hellespont without any defense, he attacked Lampsacus with his ships by sea; while Thorax, acting in concert with him with the land army, made an assault on the walls; and so, having taken the city by storm, he gave it up to his soldiers to plunder. The fleet of the Athenians, a hundred and eighty ships, had just arrived at Elaeus in the Chersonese; and hearing the news, that Lampsacus was destroyed, they presently sailed to Sestos; where, taking in victuals, they advanced to Aegos Potami, over against their enemies, who were still stationed about Lampsacus. Amongst other Athenian captains who were now in command was Philocles, he who persuaded the people to pass a decree to cut off the right thumb of the captives in the war, that they should not be able to hold the spear, though they might the oar.

Then they all rested themselves, hoping they should have battle the next morning. But Lysander had other things in his head; he commanded the mariners and pilots to go on board at dawn, as if there should be a battle as soon as it was day, and to sit there in order, and without any noise, expecting what should be commanded, and in like manner that the land army should remain quietly in their ranks by the sea. But the sun rising, and the Athenians sailing up with their whole fleet in line, and challenging them to battle, he, though he had had his ships all drawn up and manned before daybreak, nevertheless did not stir. He merely sent some small boats to those who lay foremost, and bade them keep still and stay in their order; not to be disturbed, and none of them to sail out and offer battle. So about evening, the Athenians sailing back, he would not let the seamen go out of the ships before two or three, which he had sent to espy, were returned, after seeing the enemies disembark. And thus they did the next day, and the third, and so to the fourth. So that the Athenians grew extremely confident, and disdained their enemies, as if they had been afraid and daunted. At this time, Alcibiades, who was in his castle in the Chersonese, came on horseback to the Athenian army, and found fault with their captains, first of all that they had pitched their camp neither well nor safely, on an exposed and open beach, a very bad landing for the ships, and, secondly, that where they were, they had to fetch all they wanted from Sestos, some considerable way off; whereas if they sailed round a little way to the town and harbor of Sestos, they would be at a safer distance from an enemy, who lay watching their movements, at the command of a single general, terror of whom made every order rapidly executed. This advice, however, they would not listen to; and Tydeus angered disdainfully, that not he, but others, were in office now. So Alcibiades, who even suspected there must be treachery, departed.

But on the fifth day, the Athenians having sailed towards them, and gone back again as they were used to do, very proudly and full of contempt, Lysander sending some ships, as usual, to look out, commanded the masters of them that when they saw the Athenians go to land, they should row back again with all their speed, and that when they were about half-way across, they should lift up a brazen shield from the foredeck, as the sign of battle. And he himself sailing round, encouraged the pilots and masters of the ships, and exhorted them to keep all their men to their places, seamen and soldiers alike, and as soon as ever the sign should be given, to row up boldly to their enemies. Accordingly when the shield had been lifted up from the ships, and the trumpet from the admiral's vessel had sounded for battle, the ships rowed up, and the foot soldiers strove to get along by the shore to the promontory. The distance there between the two continents is fifteen furlongs, which, by the zeal and eagerness of the rowers, was quickly traversed. Conon, one of the Athenian commanders, was the first who saw from the land the fleet advancing, and shouted out to embark, and in the greatest distress bade some and entreated others, and some he forced to man the ships. But all his diligence signified nothing, because the men were scattered about; for as soon as they came out of the ships, expecting no such matter, some went to market, others walked about the country, or went to sleep in their tents, or got their dinners ready, being, through their commanders' want of skill, as far as possible from any thought of what was to happen; and the enemy now coming up with shouts and noise, Conon, with eight ships, sailed out, and making his escape, passed from thence to Cyprus, to Evagores. The Peloponnesians falling upon the rest, some they took quite empty, and some they destroyed while they were filling; the men, meantime, coming unarmed and scattered to help, died at their ships, or, flying by land, were slain, their enemies disembarking and pursuing them. Lysander took three thousand prisoners, with the generals, and the whole fleet, excepting the sacred ship Paralus, and those which fled with Conon. So taking their ships in tow, and having plundered their tents, with pipe and songs of victory, he sailed back to Lampsacus, having accomplished a great work with small pains, and having finished in one hour, a war which had been protracted in its continuance, and diversified in its incidents and its fortunes to a degree exceeding belief, compared with all before it. After altering its shape and character a thousand times, and after having been the destruction of more commanders than all the previous wars of Greece put together, it was now put an end to by the good counsel and ready conduct of one man.