While the relationship between offending and victimization is well established, less is understood about what contributes to the varied effects of victimization on future behavior. Drawing on qualitative interviews from a sample of at-risk men, the study explores recognized and unrecognized effects of victimization on subsequent behavior and management of lifestyle risks both within and across narratives. Findings demonstrate a range of perceived effects on behavior and risk management, with the presence or absence of substantive effects related to whether the event was both severe and directly attributable to involvement in at-risk behavior. Consequences for the victimization–termination hypothesis are discussed.