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Treasure Falls is a popular stop along the highway up to Wolf Creek Pass from Pagosa Springs. There is a large parking area with room for long vehicles, though it does get busy and congested at times. From the parking lot there is a main trail that is nicely-graded with a few steep spots and switchbacks and a primitive trail that has less traffic and is narrower and steeper in spots. Both trails go to the same destination, so a loop is possible. The falls cascade 105 feet down to Falls Creek, and in wet seasons the falls often create a rainbow and drench the viewing platform. There are nice views of the valley and Sheep Mountain to the north from two overlooks. The main trail is not paved and would be difficult for a wheelchair to navigate.
The falls get their name from a local legend that Frenchmen exploring the area in the 1750s discovered a large amount of gold, which they hid when they were attacked by Native Americans. A lone survivor mapped the gold's location, but subsequent explorers were never able to find the treasure hidden "near a large fountain of water."
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