Horses are usually only encountered in the wild by rangers attempting to capture one of a herd. In the process of breaking the herd, the horse may attack the ranger. Additionally, player-owned horses are covered by this entry, being killable through a bug and skinnable once slain.
Cutting the Herd
Finding and hunting horses can be a chore. A member of any guild may separate one from the herd, but know that only Rangers can catch horses.
In the steppes around Horse Clan, you will find herds of wild horses. To encounter a lone horse, you must cut the herd. First, hide, then STALK HERD about 3 or 4 times until you are "dangerously close" Then you can CUT HERD which will isolate a horse from the herd. Occasionally the herd will move rooms as you are stalking it, and you will need to follow it and start the stalking process all over again.
Once cut from the herd, a Ranger of at least 60th circle may attempt to catch the horse, but anyone can kill it. If left to their own devices, lone horses are usually promptly devoured by golden pards.
While historically, horse tanning would have been commonplace, horse-hide goods are often frowned upon (anachronistically) by players in Dragonrealms.
Killing a player-owned horse is currently a bug and is therefore against policy.