In Lost Treasure the players are treasure hunters looking for sunken treasure. The players move their boats around the board and use the "Electronic Dive Control Center" to determine where the treasure is relative to their boat. When they have located the treasure the Dive Control Center runs the dive, letting the player know how much air their divers have left and how much treasure they have found. When the player has reached the surface with the treasure they must get it back to shore and the bank before the other players intercept them and pirate it away.