Treasure Falls is a waterfall in the San Juan Mountains of southwestern Colorado, within San Juan National Forest near U.S. Route 160 and northeast of Pagosa Springs. Known as an easy mountain stop, it can be partly seen from the parking area and reached by a short but moderately steep trail that gains about 300 feet in elevation. The falls are named for a local legend that gold is buried in the mountain from which the water drops. At the site, a footbridge offers a close view, and a switchback path continues to the plunge area called the Misty Deck, where visitors can feel the spray.