The current study examines Bay-Cheng and Ginn's (2024) claim that marginalized youth confront two intertwined sexual risk dilemmas: being put at risk by unjust social forces and structures that threaten their sexual health and safety; and being kept from risk by those same forces and structures, thus compromising their development and dignity. We explored the presence and relevance of these dilemmas using interviews conducted in 2022 with 101 racialized and/or queer (i.e., a sexuality other than exclusively heterosexual) young women and trans or nonbinary youth aged 16-21 and living in Melbourne (Australia), New York City (United States), and Toronto (Canada). We conducted a directed content analysis of the data and examined intersectional group-based comparisons of code frequencies. We found that 80% of participants felt endangered (i.e., put at risk) and/or obstructed (i.e., kept from risk) by social and material conditions. Over half felt put at risk through exposure to hostility and harm, and over one-third of participants described precarious life circumstances as keeping them from taking wanted sexual risks. Group-based and intersectional comparisons indicated that feeling put at risk is associated with marginalized gender and sexuality identities and corresponding discrimination. We also found tentative signs that feeling kept from risk may be more closely linked to race and racism than marginalization by gender and/or sexuality. The findings highlight the diverse implications of interlocked social injustices for youths' sexual lives, particularly the infringement on their rights both to safety and to risk.