It's a famous little trick played to almost every kid on the planet. You pretend to catch their nose and simply hold your thumb in between your pointer finger and middle finger. 

However, this kid took the game a little too seriously. Who knows, maybe he just really loves his nose or he is just very attached to it. When his dad convinces him that he has taken his nose, he starts asking for it back. When dad goes forward and pretends to eat it, he just starts to fall apart. It's the worst thing that could have happened. Thankfully the nose is fully returned, and the proud little owner has a face a complete joy!