räubern
to romp around
Colloquial for children playing wildly and unsupervised, usually outdoors.
Als wir klein waren, haben wir jeden Nachmittag im Wald geräubert.
When we were little, we romped around in the forest every afternoon.

to romp / rob
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to romp around
Colloquial for children playing wildly and unsupervised, usually outdoors.
Als wir klein waren, haben wir jeden Nachmittag im Wald geräubert.
When we were little, we romped around in the forest every afternoon.

The verb 'räubern' (to romp around / rob) is derived directly from the noun 'der Räuber' (robber). The basic meaning is therefore 'to behave like a robber', which can mean plundering, stealing, or wildly running around depending on the context.
Die Kinder spielten, sie seien eine Räuberbande im Wald.
The children pretended they were a band of robbers in the forest.
The subject of the sentence reveals the meaning. If 'Kinder' (children) 'räubern' (m01), they are playing. If 'Bienen' (bees) 'räubern' (m02), they are stealing honey. If 'Soldaten' (soldiers) 'räubern' (m03), they are plundering.
Die Kinder haben den ganzen Nachmittag im Gebüsch geräubert.
The children romped around in the bushes all afternoon.
The meaning of children playing wildly is colloquial and has a positive, often nostalgic character. It describes free, unsupervised play in nature.
Ich erinnere mich gern daran, wie wir als Kinder im Park geräubert haben.
I like remembering how we romped around in the park as children.
This meaning is outdated or literary. To talk about robbery or plundering in modern German, the verbs 'rauben' (to rob) or 'plündern' (to plunder) are used.
In dem historischen Roman räuberten die Piraten die Küstenstädte.
In the historical novel, the pirates plundered the coastal towns.
to play
'spielen' and 'räubern' can both describe what children do in their free time. 'spielen' is the general and neutral word for many kinds of play, indoors or outdoors. 'räubern' is colloquial and refers more to children playing wildly, usually outside and without close adult supervision. The words can be confused because 'räubern' here does not really mean 'to steal'. In normal situations, you usually say 'spielen'; 'räubern' fits when children are out and about noisily, freely, and wildly.

Im Sommer räubern die Kinder den ganzen Nachmittag durch den Garten.
In summer, the children romp around in the garden all afternoon.
Die Kinder spielen nach dem Mittagessen im Wohnzimmer.
The children play in the living room after lunch.