Abstract: Let $X$ be a locally compact topological space, $(Y,d)$ be a boundedly compact metric space and $LB(X,Y)$ be the space of all locally bounded functions from $X$ to $Y$. We characterize compact sets in $LB(X,Y)$ equipped with the topology of uniform convergence on compacta. From our results we obtain the following interesting facts for $X$ compact: $\bullet$ If $(f_n)_n$ is a sequence of uniformly bounded finitely equicontinuous functions of Baire class $\alpha$ from $X$ to $\Bbb R$, then there is a uniformly convergent subsequence $(f_{n_k})_k$; $\bullet$ If $(f_n)_n$ is a sequence of uniformly bounded finitely equicontinuous lower (upper) semicontinuous functions from $X$ to $\Bbb R$, then there is a uniformly convergent subsequence $(f_{n_k})_k$; $\bullet$ If $(f_n)_n$ is a sequence of uniformly bounded finitely equicontinuous quasicontinuous functions from $X$ to $Y$, then there is a uniformly convergent subsequence $(f_{n_k})_k$.