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This study explores the perceived risk of victimization (PRV) and fear of crime (FC) based on the Korean Institute of Criminology survey of 1,200 immigrants in 20 neighborhoods in South Korea. This study includes individual-level variables (e.g., collective efficacy, Korean community participation, Korean language skills, trust of Koreans, discrimination, victimization, social disorder, and demographics) and neighborhood-level variables (e.g., percent of foreigners, collective efficacy, and social disorder). The mixed-level analysis shows that PRV predicts the FC. Several individual-level variables (e.g., fear of arrest for illegal immigration, social disorder, and women) are positively related to PRV and FC. Other individual variables (e.g., marital status, occupation, education, homeownership, nationality/visa type, cultural gap, and neighborhood discrimination), however, are inconsistently associated with PRV and FC. On the neighborhood level, only collective efficacy is significantly and negatively connected to PRV. The results confirm that the PRC and FC are separate concepts, but the PRC contributes to FC. Additionally, the findings partially support the vulnerability theory in which vulnerable groups – women, illegal immigrants, and those perceiving social disorders tend to experience a high level of PRV and FC.