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This article contains information that is no longer relevant to gameplay, but is kept here for informational purposes.
It dropped from any Rift Guardian in a regular Nephalem Rift, on level 70 and Torment Difficulty only. The chance was very high, but was greatly reduced if the the player already had a Keystone of Trials in their inventory or shared stash, or if the player had a Greater Rift Keystone.
Each stack of Keystones could hold up to 100 of them. They were account bound, and might not be sold or even dropped.
In patch 2.1, because of the way the Realm of Trials worked, should one venture in it with full inventory, it would be impossible to pick a Keystone (as one may not manage items while the Realm of Trials is opened). The only way to pick a Keystone in this case was to salvage something from the inventory, as salvaging works even while a Greater Rift portal is up. This issue has been fixed in patch 2.1.1.