The way I understand it - they supposedly respawn every 2 hours or so, they are at random spots and have random items.
But the random items are a bit level specific - I once found a chest in Forest of Tide that had something like (can't remember specifically, but . . ) a Tier 1 Blessed Lix whereas a chest I found yesterday in Land of Trials had a T3 Blessed Lix. But I LOL'd at yesterdays chest because it gave me a Roumen scroll and I really would have expected a Uruga or at the very least an Elderine scroll from a chest in Land of Trials.
And any of them have a random chance of containing a pet.
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