I am an Eagle Scout and while I was in the boy scouts, I loved exploring and taking 'side hikes' off the trail to see what was around. I was in really good shape in high school (And generally though I was invincible, being a teenager), and got turned around one time. I thought I was following a trail, but it suddenly got very hard to see and follow (I think it turned out to be a game trail) and was in some thick brambles. I was down in a valley, but found a creek and followed it until I recognized some other features. I then oriented myself with the sun and hiked back to where I thought the car was. I missed by a bit, but just hiked up the road. It wasn't very scary for me, but the adults with us were worried because I was gone so long. Since it was a side hike, I had left most of my camping gear at base camp (Still had compass, map, water bottle, and knife).
I have also taken many wrong trails by misreading my map (Or not having an updated map), but it just added extra distance to my hike, not really getting lost. I find always having more water than you think you need and either good orienteering (Map reading) skills or a good gps are essential on any hike.
International Level: New Activist / Political Participation: 21 2.1%
Kyrroeth,
What Daishain says is spot on. A few things to always have is a knife, some strong cord, a compass, a good map of the area, a protractor to help with the map, water and a means to store more, a means to light a fire, something to purify water (Although the fire will do in a pinch), a poncho is nice and will really help construct a place to sleep if getting lost involves being out overnight, some energy bars. I always carry my Ranger Handbook with me too but most of ya'll probably don't have one of them. If you feel prepared it goes a long way to helping you stay calm, and ultimately that is the most important thing to do.
Just remember, if you get lost one of the best ways to find out where you are is to get up high and look around. Set your map out, orient it to north, and identify two or three obvious features, like a tower highlighted on the map, or a hilltop, or a bend in a river. Then, use your compass and shoot an azimuth to that feature, convert the magnetic azimuth to a grid azimuth, calculate a back-azimuth (180 degrees in the other direction, so a back-azimuth fro 30 degrees would be 210 degrees), and use your protractor to plot a long line back from one of the objects you found. Then do that for the other one or two objects you found and where they intersect is where you are. I know that sounds complicated but it really isn't bad if you were to do it a few times.
I think the whole idea of one getting lost out in the wilderness away from civilization with little to no supplies that can scare someone. When you are out just for some fun and then something happens that gets you away from your group or other wise separates you from others and now you are on your own with little preparedness. It is times like this that you wish you had more stuff and were more prepared that you will test you abilities to survive and get out safely. I know there are people that can take you out in the wilderness and train you to know what to look for and show you what to look for so you can get back out safely. I think Kyrroeth can learn from one of us *smile*.