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There are two weapon chests located in T-Bone Junction. One white, one red.
Location 1: Bounty Board (White Chest)
There is a White Chest on the bounty board building, beneath the red tarp. To get up there, head right and towards the arrow above Shotz Bar, jumping up the containers. Once at the roof of Shotz Bar (where there is a cash box and ammo chest), turn around and jump onto the arrow itself, then onto the roof of the bounty board building. Drop down and the chest is there.
Location 2: Boat
At Zed's roundabout, there are two boat cranes - the boat hanging from the one on the right holds a Red Chest. Simply drop down for it, but you will need to get out the hard way: killing yourself, quitting the game or, in co-op, having your teammates travel out of T-Bone Junction.