Treasure Falls is a waterfall located deep in the Rio Grande National Forest on the Highway 160 near Pagosa Springs. Although it is deep in the forest, it is fairly close from the parking lot next to the Highway 160 and it is easy to reach. It does need slightly uphill hike though. We did not spend a lot of time here, but it was a good refreshing stop in a long drive. There is a bit long loop trail that one can get close to the waterfall. While it is not anything close to grand scale waterfalls, but the waterfall is more than 100 feet tall.