In the mid 1980s, while working on establishing completion theorems for equivariant Algebraic K-Theory similar to the well-known Atiyah-Segal completion theorem for equivariant topological K-theory, the late Robert Thomason found the strong finiteness conditions that are required in such theorems to be too restrictive. Then he made a conjecture on the existence of a completion theorem in the sense of Atiyah and Segal for equivariant algebraic G-theory, for actions of linear algebraic groups on schemes that holds without any of the strong finiteness conditions that are required in such theorems proven by him, and also appearing in the original Atiyah-Segal theorem. The main goal of the present paper is to provide a proof of this conjecture in as broad a context as possible, making use of the technique of derived completion, and to consider several of the applications.Our solution is broad enough to allow actions by all linear algebraic groups, irrespective of whether they are connected or not, and acting on any quasi-projective scheme of finite type over a field, irrespective of whether they are regular or projective. This allows us therefore to consider the equivariant algebraic G-Theory of large classes of varieties like all toric varieties (for the action of a torus) and all spherical varieties (for the action of a reductive group). Restricting to actions by split tori, we are also able to consider actions on algebraic spaces. Moreover, the restriction that the base scheme be a field is also not required often, but is put in mainly to simplify some of our exposition. These enable us to obtain a wide range of applications, some of which are briefly sketched and which we plan to explore in detail in the future. In fact, we discuss an extension of our results to equivariant homotopy K-theory along with various Riemann-Roch theorems in a sequel. A comparison of our results with previously known results, none of which made use of derived completions, shows that without the use of derived completions one can only obtain results which are indeed very restrictive.