Shifting powers in the ancient Middle East left the Kingdom of Judah isolated and highly vulnerable. Although Jehoiakim was originally placed on the throne by the Egyptian Pharaoh and remained loyal to his rule, the rapid rise of the Babylonian empire completely changed the balance of power. After Nebuchadnezzar defeated Egypt at the Battle of Carchemish, Pharaoh was trapped within his own borders and could no longer march out to defend his ally. This allowed Nebuchadnezzar to attack Judah completely unopposed [רש"י, ביאור שטיינזלץ].
Upon conquering the region, the Babylonian king captured Jehoiakim and bound him in heavy metal chains, the type typically used to restrain common criminals [מצודת דוד, ביאור שטיינזלץ]. The clear intention was to exile the fallen king to Babylon, mirroring the way Pharaoh had previously exiled Jehoiakim's brother, Jehoahaz, to Egypt [ביאור שטיינזלץ]. During this conquest, Nebuchadnezzar also looted vessels from the Temple of God, taking them away to be placed in his own pagan temple in Babylon [רלב"ג, מלבי"ם].
The ultimate fate of Jehoiakim and whether he actually reached Babylon remains a subject of discussion. The primary approach among commentators is that the plan to exile him was merely an intention, but the king never arrived at his destination. Instead, he died on the journey, possibly due to his age or illness [ביאור שטיינזלץ], and his body was simply discarded. This grim end fulfilled the prophecy of Jeremiah, which foretold that Jehoiakim would receive the burial of a donkey, meaning he would be left without a proper and respectful burial [רש"י, מצודת דוד, רד"ק].
Other perspectives suggest a different sequence of events. One view maintains that while Nebuchadnezzar bound Jehoiakim, he ultimately decided against exiling him. Instead, after Jehoiakim surrendered and agreed to pay a tax, he was allowed to remain in Jerusalem as a Babylonian vassal king for three years until he eventually rebelled [רלב"ג]. A third approach blends these events, suggesting that the initial exile did take place and Jehoiakim was brought to Babylon, but he was later returned to Jerusalem to finish his eleven-year reign. According to this line of thought, it was only at the very end of his life, following another rebellion against Babylon, that he was captured by Nebuchadnezzar's forces and died on the road [רד"ק].