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As you can see in the image above, there are 2 treasure chests submerged inside the water and while you can swim towards it, you can't claim the chest. To lower the water level, you need to find 3 Monetoo around the island.
How to Unlock Submerged Luxurious Chest Southeast of "People of the Springs"
Monetoo #1
For the first Monetoo, it is trapped inside a cage west of the waypoint near the Natlan enemies with a Remarkable Chest. Defeat them because they're in the way and unlock the cage (no need for a key). After the Monetoo is free, follow it until it reaches the graffiti in front of the Luxurius Chest.
Monetoo #2
The second Monetoo is further west from the waypoint where you can see a wind current with Monetoo floating on it.
Take the nearby removable Grappling Hook and install it to the box nearby. Then, indwell a Yumkausaurus to pull the box to be in the wind current.
Once the wind current is blocked, the Monetoo is free and you can follow it to the graffiti.
Monetoo #3
The last Monetoo is hidden inside a pillar south of the waypoint with Hydro Slime blocking it. You need to defeat the Slimes first before the Monetoo can run away.
Once all 3 Monetoo is back, the water level will decrease and you can claim the chests.