Treasure Falls is a waterfall in the San Juan Mountains, within Mineral County, Colorado, United States. It is located in the San Juan National Forest, off U.S. Route 160, about 15 miles (24 km) northeast of Pagosa Springs. The falls are named after a local legend about "a treasure of gold" buried in the mountain that the falls plunge from.

There is a trailhead off Highway 160. The falls are somewhat visible from the parking lot, and a short and moderately steep hike of about 300 feet (91 m) of elevation gain will bring hikers to the base of the falls, where there is a foot bridge for viewing. A switchback trail will take hikers closer to the plunge base, called the "Misty Deck" where hikers can view and feel the spray of the falls.

• 
  Rainbow formed in the plunge mist
• 
  The plunge with a large tree to show the scale

• Waterfalls of Colorado

Media related to Treasure Falls at Wikimedia Commons