The following article gives an overview of the stone shaft-hole axes dated to the Neolithic and Bronze Age which have been gathered randomly from the area of present-day Estonia. While the group of artefacts under discussion forms a big part of the material culture of the respective periods, special attention is paid to the analysis of possible deposition contexts of the stray finds in order to get closer to the settlement, economy and social relations of the time. The main purpose of the article is to interpret the last find place of the axes as a possible settlement, burial place, offering site or the place of secondary deposition. The probable motives behind the activities that led to the deposition are suggested. Next to the contexts of the Stone and Bronze Age, attention is also paid to the belief in “thunderbolts”. As widely accepted, stone shaft-hole axes have also been considered “thunderbolts” in Europe, Asia, Africa and America during the Middle and Modern Ages. Arguments are given to date the beginning of the belief in Estonia.