This article analyses fear of crime in the night-time economy as an event that emerges from, and unfolds as part of, the on-going encounters with human and non-human elements in particular places. A conceptual approach to understanding fear of crime is elaborated that highlights the role of ambiguity, meaning that a particular element does not have stable, well-determined effects on fear of crime, and the importance of thinking of fear as the folding of immediate futures and the past into the experienced present. Drawing on empirical research with university students in Utrecht, the Netherlands, the article explores how lighting, policing and the presence of ‘undesired others’ affect fear. Multiple forms of ambiguity are shown to exist, suggesting that interventions in the built environment and zero-tolerance policing tactics are unlikely to reduce fear of crime in the night-time economy as much as past research, influential policy and media discourses have suggested.