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Drake takes the Spanish treasure ship
What happened then
During his voyage around the world, Francis Drake captured the Spanish ship Nuestra Señora de la Concepción, nicknamed the Cacafuego, off the coast of modern Ecuador. It was carrying a huge cargo of silver and gold from Peru. He brought the treasure home in the Golden Hind in 1580.
What caused it
England was poor next to Spain, which was funding its empire with American silver. Queen Elizabeth I wanted to weaken Spain without open war, so she secretly invested in Drake's expedition. Taking enemy wealth at sea let a weaker state get rich and hurt a rival while keeping deniability.
How it was resolved
Spain's ambassador, Bernardino de Mendoza, demanded the treasure back. Elizabeth refused, though Camden records that some money was later repaid. The investors, the queen among them, made an enormous return, and in 1581 she knighted Drake aboard the Golden Hind at Deptford.
How it turned out
The raid deepened the hostility that turned into open war in 1585 and the Spanish Armada of 1588. State-backed theft paid off in the short run, but it helped bring on a far costlier conflict.
Sources: Britannica: Sir Francis Drake · Wikipedia: Francis Drake's circumnavigation · Camden, Annales, 1580 (Univ. of Birmingham)
Further reading: Sir Francis Drake: The Queen's Pirate by Harry Kelsey