In Norse lore, the creature often depicted as a giant serpent lying in wait is Jörmungandr, also known as the Midgard Serpent. This colossal being encircles the world, representing the sea and the boundaries of the earth. Jörmungandr's role is crucial in the context of Ragnarok, where its battle with Thor symbolizes the struggle between chaos and order. The serpent embodies the themes of fate and destruction, reflecting the cyclical nature of existence in Norse mythology.