This study examines how youth interpret potentially violent encounters, their own identity as victims, and their responses to dangerous situations. The purpose is to understand when "victimization" does or does not lead to a violent response and how individuals negotiate risky situations. Qualitative interviews from 147 youth, aged 12 to 23 across three high-crime neighborhoods in Philadelphia, were examined. Of these youth, 86 individuals described 136 encounters with violent or threatening situations. Coding examined themes in youth perceptions of these encounters, as well as their responses. Three themes emerged in the youth’s accounts: youth as victims, youth as street smart, and youth action as self-defense. Youth’s understanding of risk and situational dynamics of the encounter shaped their perceptions of violent incidents and consequently if they responded with violence or used other strategies such as help seeking, avoidance, negotiation, or tolerance. Youth’s understanding of victimhood should be considered in research on the victim–offender overlap and generally in youth violence studies. Implications for the victim–offender overlap include incorporating a more nuanced perspective on social distance and power dynamics as understood by victims. Implications for policy include providing culturally sensitive violence reduction models and victim services that account for youth’s own understanding of their experiences.