Treasure Falls, Colorado, Waterfall in San Juan Mountains, Colorado.

Treasure Falls is a waterfall in the San Juan Mountains of Mineral County, Colorado, within San Juan National Forest off U.S. Route 160. It drops about 105 feet over rocky cliffs into Fall Creek, visible from the parking lot and reached by a short trail.

Early settlers named the falls after local legends about buried gold hidden somewhere within the surrounding mountains. These tales from the frontier era remain part of the place's story today.

The falls take their name from a local legend of a gold treasure buried in the mountain they pour from, a story tied to the frontier era. Visitors today meet the water at the footbridge and at the "Misty Deck", a switchback stop where the spray reaches them.

From the trailhead off U.S. Route 160, about 15 miles northeast of Pagosa Springs, the falls are partly visible from the parking lot. A short, moderately steep trail gains roughly 300 feet (91 m) to a footbridge at the base; a switchback continues to the "Misty Deck", where the spray reaches you.

The trail ends at a switchback platform called the "Misty Deck", built close enough to the plunge pool that hikers feel the spray on their skin. The falls are named for a local legend of a gold treasure buried in the mountain they pour from.