re: What would you do?

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I don't have a strong opinion on this either way, but if you're walking around your hunting property and find a stand you didn't put up, with a wallet laying at the foot of it, you would just leave the stand and give the guy his wallet back?

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As pointed out already by others, your analogy doesn't hold water.

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but the guy with the stand could have gotten mixed up and thought he was on his property, just like the kayak could have been some dude who plays paintball or some shite.

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First, unless I've had prior problems w/ the hunter in question, I'll give him the benefit of the doubt and assume it's a simple mistake or misunderstanding. In your hypothetical where a hunter puts up a stand on my private property and I find his wallet w/ the stand, here's what I'd do:
Contact him. Inform him his stand is on my property. Tell him the property lines. Give him a reasonable time period to retrieve and move his stand. Make arrangements to return his wallet, intact w/ his personal property (credit cards, money, debit cards, etc.). Warn him not to trespass again.

Are you saying you'd take his wallet and stand and that you think it'd be proper to do so?

I don't understand the meaning of the paintball comment.

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I was just curious about the notion of respecting someone's property even if you are fairly well convinced they're breaking the law.

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There's really nothing in the OP's scenario to make anyone be "fairly well convinced they're breaking the law." Even so, explain to me how it'd be reasonable and legal for you to break the law (steal someone else' property) because you THINK they're breaking the law? After all, we're a country based on the concept of the rule of law. Maybe someone can think of such a scenario, but I can't think of one at this time.

I'd you didn't buy it, it doesn't belong to you. You have no idea if it was a turkey set up.