Chapter eight in The Hobbit is entitled "Flies and Spiders." In this chapter, Gandalf has left Bilbo and the dwarves alone. They are walking through Mirkwood. They have been instructed to not leave the path or to drink any of the water. At one point, Bilbo is trapped by a spider. Bilbo frees himself, kills the spider, and comes to find that he is far more courageous than he believed.
Given he has lost contact with the dwarves, Bilbo goes in search of them. He finds they have been trapped by a large colony of spiders. Bilbo is successful at freeing the dwarves from the spiders.
The title of the chapter refers to Bilbo and the dwarves and the flies and the spiders as spiders. The real world meaning today depends upon ones individual views of those who are hunted and those who do the hunting.
It today's world, there are paths humans must take in life. Sometimes we are instructed to stay upon the path, not to deter from it. We are warned of the dangers and the trials we may face. Every path in life has its challenges. Like Bilbo, we sometimes need to face a stronger foe in order to find our own strength (both mental and physical). Therefore, the chapter's title today would refer to the hunted and the hunters which exist along our paths in life.