Here is the most likely factual account – King Nebuchadnezzar II of Babylon took the Ark of the Covenant as Spoils of War when he captured Jerusalem in 586 BCE – and used it as a latrine prior to melting it down for the gold. This is the most likely version of events.

It was replaced by Ezekiel’s vision of the Throne Chariot that represented the Messianic Ideal of Judea. But the Jewish Monarchy was not restored for the next few centuries until 104 BCE.