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Lock, Stock and Two Smoking Goblins
Complete the quest "Time to Collect."
Lock, Stock and Two Smoking Goblins is a 5-point achievement earned by completing the quest 'Time to Collect,' which serves as the conclusion to the goblin swindler storyline begun in Stormheim.
Complete What a Ripoff!
Before unlocking this achievement, you must first complete the six-quest chain called What a Ripoff! starting at 51.2, 57.0 in Stormheim. This is the prerequisite story that sets up the confrontation with the goblin duo.
Pick Up Time to Collect
Once What a Ripoff! is finished, head to Dalaran at 50.4, 23.1 near the bank to pick up the quest Time to Collect. Your character must be level 110 to accept it.
Grab the Grapple Launcher
Before heading to Watchman's Rock, obtain the 
Stormforged Grapple Launcher from any major hub in Stormheim. You will need it to scale the grapple points leading up to the rock, starting from the northern end of the isle.
Defeat Snaggle and Rax Sixtrigger
Climb up to Watchman's Rock and confront Snaggle Sixtrigger and Rax Sixtrigger at 68.5, 20.2 in Stormheim. Each goblin has 10 million HP, and while you fight one, the other throws bombs at you — critically, do NOT kill either goblin before switching between them, or the key will fail to drop and the quest will bug out.
Tips
Do not kill either Snaggle or Rax Sixtrigger completely before damaging the other — you must alternate between them to prevent a bug where the key does not drop.
Wearing the rewarded title 'The Gullible' continuously for one week of /played time unlocks a hidden Feat of Strength.