Is there a good trick for finding it ? I picked it up accidentally my first way through the game and sold it without realizing what it was - never found it since .
It's in the NE area of Emryd Run, the quest you get in Nulb from somone near the docks. Press Tab repeatedly, it's buried under some leafs.
As Kragenskjold already stated, you get the Lamia Figurine (Child's Toy) by talking to Grud Squinteye at the docks in Nulb who will open up the location Imeryds Run on your world map. Go there and pick the figurine up off the ground. It's at the following location (see screenshot below): To get the Lamia Figurine by cheating, open the console (by pressing Shift ~), then type the following cheat code (press Enter after typing the cheat code. This will put the Lamia Figurine in your inventory. Close the console afterwards by pressing Shift ~ again): give 12582 (note: this information is from the Game Guide sticky thread (http://www.co8.org/forum/showthread.php?t=8742)):
