The climax of the story is when Ulrich Von Gradwitz and Georg Znaeym meet face to face in the forest. A bit of context is important to set up the scene.
Ulrich and Georg are enemies. Their families have been feuding over a stretch of land. When Ulrich is scouting with a group of his men to make sure that Georg and his men are not poaching, he comes face to face with Georg. This is the moment that Ulrich was waiting for.
When the men see each other, the climax rises. What will they do? What will happen? Unbeknownst to all, there is a wind that knocks down a tree, which falls on both men. They, therefore, are pinned down, helpless. This is the climax of the story.
As the men face each other in silence, they finally come to their senses. Ulrich offers wine to Georg, and both men realize that their feud is foolish. They, therefore, become friends and want to move forward. This is the resolution. All seems well, but when they hear footsteps approaching, they realize that these footsteps are not men but wolves. Hence, the story ends with a twist.