Specifically about that, Hunted indicates that the character receiving the word of it will be eventually killed or extremely damaged by a group of people or by a specific person (it can be a declared guild or a PK group/group of friends without any denomination). It can be followed by the designation on who will perpetuate the killings or simply be executed without any warning to the other player. Usually the person with the power to lift the Hunted declared on the victim will demand money (Tibia's gold coins), items or anything valuable (for example, the right to own certain house or Guildhall) in order to stop the hunted imposed. Keep in mind that there is no guarantee that you will retain your safety in the future even after paying or doing what you were told to do. You will need to trust on the word of the "Hunter" if you are willing to pay the Hunted and seal this deal.
Sometimes you can get a Hunted without any chance of pardon.
It usually happens due to a conflict of interests (both players wanted to hunt at the same place, one of them want to hunt alone, the other declares that his opponent will be hunted due to this discussion and unfair imposition, for example), by "economical reasons" (back in the day, guilds used to apply "hunteds" on neutrals during wars, in order to obtain money to finance the wars disputed on the server. Now it is very uncommon this situation, as far as I know) or simply by no reason apparently (they simply didn't like you and want you to abandon the server).
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