After pinpointing a conceptual confusion (TCC), a Reality preconception (TRP1), and a fallacious dichotomy (TFD), the famous EPR/EPRB argument for correlated ‘particles’ is studied in the light of the Ontic Probability Interpretation (TOPI) of Quantum Theory (QT). Another Reality preconception (TRP2) is identified, showing that EPR used and ignored QT predictions in a single paralogism. Employing TFD and TRP2, EPR unveiled a contradiction veiled in its premises. By removing nonlocality from QT’s Ontology by fiat, EPR preordained its incompleteness. The Petitio Principii fallacy was at work from the outset. Einstein surmised the solution to his incompleteness/nonlocality dilemma in 1949, but never abandoned his philosophical stance. It is concluded that there are no definitions of Reality: we have to accept that Reality may not conform to our prejudices and, if an otherwise successful theory predicts what we do not believe in, no gedankenexperiment will help because our biases may slither through. Only actual experiments could assist in solving Einstein’s dilemma, as proven in the last 50 years. Notwithstanding, EPR is one of the most influential papers in history and has immensely sparked both conceptual and technological progress. Future articles will further explain TOPI, demonstrating its soundness and potential for nurturing theoretical advance.