Treasure hunting has been quite a mystery to most, but I have pieced together the general process and managed to successfully find a treasure chest on my own!
You will need some things before you begin:
An Undecoded Treasure Map, found on remains of monsters.
A set of Excavation Tools, made by a Tinkerer. (Good luck on that)
Someone with skills in Traps/Locks. The actual skills.
A sense of adventure!
Once you have all the things, simply use the map. Your character will (hopefully) decode it and provide you with a Decoded Map. Now comes the fun part. Use the map and look over your character's head for a glowing arrow! If you don't see a glowing arrow, check your combat log. If it says you don't think the treasure is nearby, try a different zone. From the reports I have been able to verify, treasures have been found in Eastern Farms and Northern Farms, so try those zones first. I spent quite a while using the map in every zone near where I found it (Eastern River Crossing) before finding it.
Once you get a glowing red arrow, follow it until the symbol above your head turn into a picture of a treasure chest, (this is what I call the 'Treasure Zone') then wait for it to stop glowing. (Each time you use the map it will indicate for like 30 seconds) At this point, you need to use your Excavation Tools ON THE DECODED MAP while you are standing in the 'Treasure Zone'. Your character will start digging and eventually uncover some buried treasure!
--Oh crap, by the way, MONSTERS will now appear and attack. Good luck! Hope you didn't die!
Still alive? Great! Once combat is over, talk the the treasure chest by left clicking, and a Dialogue box will open up. Do not try to use skills directly on the box like normal- this will only waste time. I suggest using the options to disarm the trap, pick the lock, and then open the chest. I have not tried opening the chest without disarming the trap, so be ready for anything should you chance it.
Once you get it open, another wave of enemies will spawn so BE READY! (They weren't too much trouble, a mix of basic goblins, hobgoblins, a bugbear, and kobolds) From the two chests I was able to get details on (mine and one other), it seems like there is usually a collection of light armors made with various materials and having bonus skills such as Discipline. There were also a few necklaces with gems set, giving random skill bonuses, along with a couple potions and crafting reagents.
I hope this guide has been helpful and entertaining, please feel free to post your experiences in this thread and share your treasures as well!