diff --git a/packages/engine/src/game.ts b/packages/engine/src/game.ts
index 4af257a..06fbf97 100644
--- a/packages/engine/src/game.ts
+++ b/packages/engine/src/game.ts
@@ -2155,20 +2155,58 @@ const CARD_EFFECTS: Record<string, AttackEffect | NeutralEffect | CounterEffect>
       const [mineId, theirsId] = (ctx.stack.params!.cardId ?? "").split(";");
       // "Swap any two carried items": every movable object trades — daggers,
       // rocks, wands, stones (rules rev 26; earlier games matched only
-      // object-typed cards and replay so).
+      // object-typed cards and replay so) — and a carried TREASURE is an
+      // item too, named by the "treasure" token (never in older ledgers).
       const tradable = (id: string) =>
         (ctx.state.config.deckRev ?? 1) >= 26
           ? isMovableObject(id)
           : cardDef(id).cardType === "object";
-      const mine = ctx.attacker.hand.findIndex((c) => c.cardId === mineId && tradable(c.cardId));
-      const theirs = ctx.defender.hand.findIndex((c) => c.cardId === theirsId && tradable(c.cardId));
-      if (mine === -1 || theirs === -1) return;
-      const [a] = ctx.attacker.hand.splice(mine, 1);
-      const [b] = ctx.defender.hand.splice(theirs, 1);
-      ctx.attacker.hand.push(b!);
-      ctx.defender.hand.push(a!);
-      ctx.attacker.displayed = ctx.attacker.displayed.filter((id) => id !== a!.instanceId);
-      ctx.defender.displayed = ctx.defender.displayed.filter((id) => id !== b!.instanceId);
+      type TradeSide = { kind: "card"; idx: number } | { kind: "treasure" };
+      const side = (p: PlayerState, id: string): TradeSide | null => {
+        if (id === "treasure") return p.carriedTreasureId ? { kind: "treasure" } : null;
+        const idx = p.hand.findIndex((c) => c.cardId === id && tradable(c.cardId));
+        return idx === -1 ? null : { kind: "card", idx };
+      };
+      const mine = side(ctx.attacker, mineId ?? "");
+      const theirs = side(ctx.defender, theirsId ?? "");
+      if (!mine || !theirs) return;
+      // A one-way treasure needs an open carry slot and an able back:
+      // "you are too weak to carry treasure" holds in a trade as at a grab.
+      const weak = (p: PlayerState) => sustainedOn(ctx.state, p.id, "weakness").length > 0;
+      if (mine.kind === "treasure" && theirs.kind !== "treasure" &&
+          (ctx.defender.carriedTreasureId != null || weak(ctx.defender))) return;
+      if (theirs.kind === "treasure" && mine.kind !== "treasure" &&
+          (ctx.attacker.carriedTreasureId != null || weak(ctx.attacker))) return;
+      const giveTreasure = (from: PlayerState, to: PlayerState) => {
+        const t = ctx.state.treasures.find((t) => t.id === from.carriedTreasureId)!;
+        from.carriedTreasureId = null;
+        t.carriedBy = to.id;
+        return t;
+      };
+      const takeCard = (p: PlayerState, s: Extract<TradeSide, { kind: "card" }>) => {
+        const [card] = p.hand.splice(s.idx, 1);
+        p.displayed = p.displayed.filter((id) => id !== card!.instanceId);
+        return card!;
+      };
+      if (mine.kind === "treasure" && theirs.kind === "treasure") {
+        const tA = giveTreasure(ctx.attacker, ctx.defender);
+        const tB = giveTreasure(ctx.defender, ctx.attacker);
+        ctx.defender.carriedTreasureId = tA.id;
+        ctx.attacker.carriedTreasureId = tB.id;
+      } else if (mine.kind === "treasure") {
+        const t = giveTreasure(ctx.attacker, ctx.defender);
+        ctx.defender.carriedTreasureId = t.id;
+        ctx.attacker.hand.push(takeCard(ctx.defender, theirs as Extract<TradeSide, { kind: "card" }>));
+      } else if (theirs.kind === "treasure") {
+        const t = giveTreasure(ctx.defender, ctx.attacker);
+        ctx.attacker.carriedTreasureId = t.id;
+        ctx.defender.hand.push(takeCard(ctx.attacker, mine));
+      } else {
+        const a = takeCard(ctx.attacker, mine);
+        const b = takeCard(ctx.defender, theirs);
+        ctx.attacker.hand.push(b);
+        ctx.defender.hand.push(a);
+      }
       ctx.events.push({ type: "itemsSwapped", a: ctx.attacker.id, b: ctx.defender.id });
     },
   },
diff --git a/packages/engine/test/expansion-combat.test.ts b/packages/engine/test/expansion-combat.test.ts
index a964d1e..6e3975e 100644
--- a/packages/engine/test/expansion-combat.test.ts
+++ b/packages/engine/test/expansion-combat.test.ts
@@ -365,3 +365,83 @@ describe("swap meet trades carried items (rules rev 26)", () => {
     expect(state.players.find((p) => p.id === defender)!.hand.some((c) => c.cardId === "blaster-wand")).toBe(true);
   });
 });
+
+describe("swap meet trades treasures too", () => {
+  function treasureRig(theirsToken: string, mineToken: string) {
+    let { state } = createGame({ playerIds: ["alice", "bob"], seed: 42, sets: ["basic", "expansion1"], deckRev: 26 });
+    state = toRound2(state);
+    const { attacker, defender } = faceOff(state);
+    const a = state.players.find((p) => p.id === attacker)!;
+    const d = state.players.find((p) => p.id === defender)!;
+    // The defender hauls one of the attacker's own treasures.
+    const stolen = state.treasures.find((t) => t.owner === attacker)!;
+    stolen.position = null; stolen.carriedBy = defender; d.carriedTreasureId = stolen.id;
+    const sm = giveCard(state, attacker, "swap-meet");
+    giveCard(state, attacker, "dagger", "D", 1);
+    state = must(state, attacker, {
+      type: "cast", instanceId: sm.instanceId,
+      target: { kind: "player", playerId: defender },
+      params: { cardId: `${mineToken};${theirsToken}` },
+    });
+    state = must(state, defender, { type: "pass" });
+    return { state, attacker, defender, a, d, stolen };
+  }
+
+  it("a dagger buys back the treasure in the thief's arms", () => {
+    const { state, attacker, defender } = treasureRig("treasure", "dagger");
+    const a = state.players.find((p) => p.id === attacker)!;
+    const d = state.players.find((p) => p.id === defender)!;
+    const t = state.treasures.find((tr) => tr.owner === attacker && tr.carriedBy)!;
+    expect(a.carriedTreasureId).toBe(t.id);
+    expect(t.carriedBy).toBe(attacker);
+    expect(d.carriedTreasureId).toBeNull();
+    expect(d.hand.some((c) => c.cardId === "dagger")).toBe(true);
+  });
+
+  it("the trade refuses to overload full arms", () => {
+    // The attacker also carries a treasure: claiming theirs with a dagger
+    // would mean two in hand — the swap quietly cannot happen.
+    let { state } = createGame({ playerIds: ["alice", "bob"], seed: 42, sets: ["basic", "expansion1"], deckRev: 26 });
+    state = toRound2(state);
+    const { attacker, defender } = faceOff(state);
+    const a = state.players.find((p) => p.id === attacker)!;
+    const d = state.players.find((p) => p.id === defender)!;
+    const t1 = state.treasures.find((t) => t.owner === attacker)!;
+    t1.position = null; t1.carriedBy = attacker; a.carriedTreasureId = t1.id;
+    const t2 = state.treasures.find((t) => t.owner === defender)!;
+    t2.position = null; t2.carriedBy = defender; d.carriedTreasureId = t2.id;
+    const sm = giveCard(state, attacker, "swap-meet");
+    giveCard(state, attacker, "dagger", "D", 1);
+    state = must(state, attacker, {
+      type: "cast", instanceId: sm.instanceId,
+      target: { kind: "player", playerId: defender },
+      params: { cardId: "dagger;treasure" },
+    });
+    state = must(state, defender, { type: "pass" });
+    expect(state.players.find((p) => p.id === attacker)!.carriedTreasureId).toBe(t1.id);
+    expect(state.players.find((p) => p.id === defender)!.carriedTreasureId).toBe(t2.id);
+  });
+
+  it("treasure for treasure trades both armfuls", () => {
+    let { state } = createGame({ playerIds: ["alice", "bob"], seed: 42, sets: ["basic", "expansion1"], deckRev: 26 });
+    state = toRound2(state);
+    const { attacker, defender } = faceOff(state);
+    const a = state.players.find((p) => p.id === attacker)!;
+    const d = state.players.find((p) => p.id === defender)!;
+    const t1 = state.treasures.find((t) => t.owner === attacker)!;
+    t1.position = null; t1.carriedBy = attacker; a.carriedTreasureId = t1.id;
+    const t2 = state.treasures.find((t) => t.owner === defender)!;
+    t2.position = null; t2.carriedBy = defender; d.carriedTreasureId = t2.id;
+    const sm = giveCard(state, attacker, "swap-meet");
+    state = must(state, attacker, {
+      type: "cast", instanceId: sm.instanceId,
+      target: { kind: "player", playerId: defender },
+      params: { cardId: "treasure;treasure" },
+    });
+    state = must(state, defender, { type: "pass" });
+    expect(state.players.find((p) => p.id === attacker)!.carriedTreasureId).toBe(t2.id);
+    expect(state.players.find((p) => p.id === defender)!.carriedTreasureId).toBe(t1.id);
+    expect(state.treasures.find((t) => t.id === t1.id)!.carriedBy).toBe(defender);
+    expect(state.treasures.find((t) => t.id === t2.id)!.carriedBy).toBe(attacker);
+  });
+});
diff --git a/packages/web/src/App.svelte b/packages/web/src/App.svelte
index eaebc1c..c95574e 100644
--- a/packages/web/src/App.svelte
+++ b/packages/web/src/App.svelte
@@ -834,14 +834,36 @@
   }
 
   // SWAP MEET: pick one of your carried items, then one of theirs you can
-  // see (their displayed items — hidden hand cards are not on the table).
+  // see (their displayed items and any treasure in their arms — hidden
+  // hand cards are not on the table).
   let swapMeetTarget = $state<string | null>(null);
   let swapMine = $state<string | null>(null);
-  const myTradables = $derived(view ? view.yourHand.filter((c) => isMovableObject(c.cardId)) : []);
+  const myTradables = $derived.by(() => {
+    if (!view) return [];
+    const opts = new Map<string, string>();
+    for (const c of view.yourHand) {
+      if (isMovableObject(c.cardId)) opts.set(c.cardId, cardDef(c.cardId).name);
+    }
+    if (me?.carriedTreasureId) {
+      const t = view.treasures.find((t) => t.id === me.carriedTreasureId);
+      opts.set("treasure", `${t?.owner ?? "the"}'s treasure (carried)`);
+    }
+    return [...opts].map(([key, label]) => ({ key, label }));
+  });
   const theirTradables = $derived.by(() => {
     if (!view || !swapMeetTarget) return [];
-    const t = view.players.find((p) => p.id === swapMeetTarget);
-    return t ? t.displayed.filter((c) => isMovableObject(c.cardId)) : [];
+    const them = view.players.find((p) => p.id === swapMeetTarget);
+    if (!them) return [];
+    const opts = new Map<string, string>();
+    for (const c of them.displayed) {
+      if (isMovableObject(c.cardId)) opts.set(c.cardId, cardDef(c.cardId).name);
+    }
+    // Their treasure is claimable unless your arms are already full.
+    if (them.carriedTreasureId && (swapMine === "treasure" || !me?.carriedTreasureId)) {
+      const t = view.treasures.find((t) => t.id === them.carriedTreasureId);
+      opts.set("treasure", `${t?.owner ?? "the"}'s treasure (carried)`);
+    }
+    return [...opts].map(([key, label]) => ({ key, label }));
   });
   function castSwapMeet(theirs: string) {
     if (!selectedCard || !swapMeetTarget || !swapMine) return;
@@ -1706,15 +1728,15 @@
                 <span>— you carry no items to trade</span>
               {:else if !swapMine}
                 <span>— trade away your:</span>
-                {#each myTradables as c (c.instanceId)}
-                  <button class="stamp tiny" onclick={() => (swapMine = c.cardId)}>{cardDef(c.cardId).name}</button>
+                {#each myTradables as c (c.key)}
+                  <button class="stamp tiny" onclick={() => (swapMine = c.key)}>{c.label}</button>
                 {/each}
               {:else if theirTradables.length === 0}
                 <span>— they show no item you could claim</span>
               {:else}
                 <span>— and take their:</span>
-                {#each theirTradables as c (c.instanceId)}
-                  <button class="stamp tiny" onclick={() => castSwapMeet(c.cardId)}>{cardDef(c.cardId).name}</button>
+                {#each theirTradables as c (c.key)}
+                  <button class="stamp tiny" onclick={() => castSwapMeet(c.key)}>{c.label}</button>
                 {/each}
               {/if}
             {/if}