Is picking a lock on an "owned" chest considered a crime?

Solution 1:

You can pick the lock without any adverse affects no matter who is around. However, if you decide to take any of the items inside, then there will be trouble. The red text is acting like warning, letting you know the container is owned. Once you pick the lock and the items are displayed, then you will see the red percentages next to each item.

As far as I can tell, lockpicking isn't considered a crime but stealing is.

Solution 2:

You can also check the "Social" section of "Stats" (scroll to very bottom) under "Status" from the main pause menu. This will tell you if you've got a bounty and its value. Also in this section is the total value of all stolen items. If you check it prior to taking an action of questionable legality and check it again thereafter, any change > 0 and you've committed a crime.

Note: Try saving just prior to doing the potentially illegal action to avoid consequences (if you're not a player who feels like this is against your gaming "cheat moral code.")