Hunters Mode pits teams of two against each other. On one side are the heroes. These two must capture as many treasures as they can. On the other side are the villains -- two players teamed with AI enemies. These people are out to stop the heroes from banking any treasure. Heroes get Medal Kickbacks for successful returns, and hunters earn medals for kills that allow them to pick what pirate or solider to come back as.
After six minutes of play, the teams switch roles and the game continues. Naughty Dog says that the rounds are rarely the same, though, as the AI spawn locations change and more powerful gear becomes available as time goes on.