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Background
You'll receive this quest from the Suspicious Lady in the
Hanged Man tavern at night, but only after completing the quest
Fools Rush In.
Walkthrough
The Suspicious Lady will tell you that some raider ship captains are meeting at the
Docks tonight, and she'll ask you to eavesdrop on their conversation and then kill them. To eavesdrop on the captains, you'll just need to approach them carefully, and then stop when you see them start talking. You can also walk along the ledge above them (but only if you've already completed the quest
Pier Pressure; otherwise you might start a rather nasty fight). If you eavesdrop successfully, then you'll hear that the captains talking about sinking Amaranthine ships. If you're not successful, then you'll just receive a lesser reward when you return to the Suspicious Lady.
Either way, you'll need to kill the raider captains and the corrupt guards with them. The captains can be tough, since they're both assassins, but if you keep your vulnerable characters moving, then you should be able to avoid their worst attacks. After the battle, you'll find an
Overland Render on the body of one of the captains.
When you return to the Suspicious Lady, you'll get one of two rewards. If you weren't able to eavesdrop on the captains, then you'll receive 1 sovereign, a Ring of the Archmage, and 250 xp. If you were able to eavesdrop on the captains, then you'll receive 3 sovereigns and 400 xp.