Risk of Rain 2 has got an immense number of varied collectibles to go through, most of which are attained by opening several types of chests and boxes that are strewn about the game world. The Rusted Lockbox is a particular type of such box.
Risk of Rain 2 Rusted Lockbox is, as its name might imply - rusted. However, it is also locked, and due to this, it cannot be opened simply by spending cash. Instead, players have to find Rusty Keys to crack them open.
Risk of Rain 2 Rusted Lockbox Location
The screenshot above depicts one Rusted Lockbox, so that you know precisely what you're looking for. The buggers are deceptively difficult to find, especially when you finally have a healthy stock of Rusty Keys to spend on Lockboxes. Same as all other items and interactive elements in Risk of Rain 2, Rusted Lockboxes, too, spawn all over the place completely at random, so there's no easy tip to share.
However, a solid bit of advice we can share is that you should go out and look for all unopened crates after activating the resident Teleporter. This will ensure that all present items will glow vividly for the duration of Teleporter charge, including Rusted Lockboxes (and also Invisible Chests, for good measure).
Among other news, Game Watcher has also covered how to unlock all available characters in Risk of Rain 2, as well as what the ominous 'obliterate yourself from existence' phrase means. Look them up!