An attempt from an ethnographic perspective to give insight into an activity known as treasure hunting in Santa Cruz de Mora in the State of Merida, Venezuela. Treasure hunting as the discovery of ordinary valuables is seen to be grounded on a recognized cultural phenomena in the community which generates and sustains this activity as part of a mythical tradition. The classification of the accompanying rituals and beliefs on the part of persons involved as traditional is due to a continuing reference to magic and fantasy which involves the participants in a constant duality of hidden secrets and expectations. A worldview is formed on the base of individual beliefs and desires. Treasure hunting, its myths and rituals is defined and discussed on the basis of historical and ethnical findings.