The Air altar may be found west of Varrock, east of the River Lum close to the bridge near Barbarian Village. To enter the Altar, you must either use an Air talisman on the mysterious ruins or click on them while wearing an Air tiara or an Air talisman staff. The quickest way to get to the altar is by breaking an Air altar teleport, obtained from the RC Guild.
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It's just to the west of varrock.
If you make one(get one), it acts as a talisman of air. It is wearable. When you are wearing this item, you can simply right click on the air altar and select ENTER.
It is in the Lumbridge swamp.
The air altar moved from its original location it is now located between the Barbarian Village and Varrock, use "Locate" option on your air talisman to get it's exact spot.
Speak to estate agents in Runescape. One of them is in east varrock just opposite the altar