Even though my character noticed it was trapped there was no option to disarm it.
I haven't played the update, but if you are talking about the trapped chest in the hidden area to the 'left' of the druid's grove entrance, in the older versions there is a key that will open the chest without it going off.
Jump to the island in the middle of the waterway. Go around to the bottom, which is hidden if you are looking at it from the path. You will find a body with the key. The chest can be opened with the key without traps going off.
