Access through the 'Quests' menu at the bottom of your playing screen.
Party Dungeons are done with 1-4 players within a similar combat level range, and Monsters in the dungeon are chosen from the average combat level of everyone joining. You must complete the dungeons objective before the time runs out or else there is no reward beyond what was looted from killing monsters. There are 4 difficulty settings, Easy, Normal, Hard and Hell. Increasing the difficulty increases the level of monsters drastically but also increases the dungeons completion rewards.
There are currently 2 different types of objectives, chosen randomly when you start the dungeon.
"Kill" Dungeons Edit
"Kill" dungeons are dungeons where you have to kill a set number of monsters within the time allowed. The reward for completion is the same as Quest rewards, chosen randomly between MOS, Coins or Exp.
"Search" Dungeons Edit
"Search" dungeons require you to search for 3 small chests containing colored keys, Red, Yellow and Blue. Once you have all 3 keys you can open the ending reward large chest. The reward chest works similar to Presents rewarding up to a value based on the difficulty of the dungeon and your health. More details are available from Manawe's post on the game forum An Easy reward large chest is also located under the town of Dorpat accessed behind the Blacksmith if you have spare keys from unsuccessful searches or from Market purchases.
Food chests will spawn in kill dungeons. If you have a Lock Pick you can use it to attempt to get food while still in the dungeon. Not all attempts to open will be successful but the Lock Pick is unbreakable and reusable.