[1] Situated near an ancient road linking Etruria (including Tuscany and Umbria) with the Adriatic port cities of Romagna,[2] it is known for one of the largest archaeological finds of the Etruscan civilization; over 600 bronze statuettes of Etruscan and Roman origin, along with thousands of other figurines from Cisalpine Gaul and Umbria, were discovered within the lake.

They viewed it as a "holy spring of the river-gods" because of the healing qualities of the water, which contains a high concentration of tannin.

Other artifacts found at the lake were coins (including Etruscan aes rude), and fragments of arrow bits and pottery.

[10] It is believed that the lake was popular among soldiers based on the number of arrow fragments, and more importantly, the number of statuettes found depicting Hercle, the Etruscan version of Greek divine hero, Heracles.

[14][15] News of the find spread quickly, and a team of local amateur archaeologists from nearby Stia[16] began excavating the site in June 1838.

[19] Over time, treasure seekers looted the lake, stripping it of whatever artifacts remained within.

[27] The lake is widely perceived to be a pond, due to lack of inflow from any bodies of water, i.e. rivers and streams.

Research done at the University of Florence – Faculty of Engineering suggests that there exists an underground spring that provides a continuous stream of water to the lake.