There will be many puzzles found throughout the gameworld, even entire dungeons dedicated to them. These puzzles will come in different types, one of those being riddles.
In the screenshot you can see a riddle which needs to be solved in order to open the chest. Other examples where riddles could be found would be doors, magical barriers and more.
Also in the screenshot answering wrong won't have any negative consequences, well exept not getting whatever is in the chest. But some riddles will have serious negative consequences if you fail to answer them correctly.
There will be at least one dungeon dedicated to solving riddles.