If you swim the whole lake, there should be places to pick up rusty stuff, on the circles. I don't remember what they are though. Go see if one of them is it. There's 2 or 3 I think.
In the lake you can find a rusty cutlass and Potion of Life. The dive spot for the cutlass is hidden behind an outstretch of rock. The Potion can be found next to a pathway a little ways from where the Gypsy Camp is.
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