This guide lists every possible treasure location in the Bluewater Marsh in Red Dead Online - there are four in total. If you don't find a treasure in one of the listed locations, head to the next one on the map.
Treasure map
Place 1
On the east side of Lagras. Find a large tree, next to which there will be a broken wagon - the chest is behind it.
Place 2
It is located on an island in the northeastern part of Lagras. On the shore you will find a boat with a chest.
Place 3
On a small island located in the northern part of Lagras. Find a small stump in which the treasure lies.
Place 4
On a tiny island just above the R in Lagras. Use Eagle Sight to find the treasure.