During the quest Volare!, it is requested of you by the Boomers to float the bomber up to the surface of the lake, using two ballasts given to you by Loyal. The ballasts must be placed between the engines (engines #s 1 and 2 are lightly damaged, with 3 and 4 missing key components, such as the cowlings.) under each wing. After you float it up to the surface, Loyal sends robots to disassemble it and bring it back to Nellis Hangars. Once taken to the hangar, the player can see it being re-assembled and restored by the Boomers.
After the plane has been reassembled in the Nellis hangar, a new piece of artwork can be seen on the fuselage near the cockpit. It depicts Pearl in her younger days wearing a Vault 34 jumpsuit with a background shaped like a Vault door, and is drawn in typical 1950s pin-up style. This artwork is similar to those which adorned US aircraft during and after World War II.
Fast-traveling to the bomber will spawn you on land at Callville Bay, in the vicinity of a group of cazadores. In addition to this, fast traveling to Callville Bay will land you at the Bitter Springs recreation area. If attempting to reach the plane by fast travel, it is easiest to travel to nearby Lake Mead cave, which will put you on top of the nearby sunken boat.
The crashed B-29 references an actual B-29 that crashed into Lake Mead on July 21, 1948, although the B-29 in question had been modified for atmospheric research, and thus it was not an actual bomber aircraft.