Because of violence, poverty, and inequality worldwide, teachers are increasingly working in high-risk situations. To support teacher development, education researchers can usefully study professionals in the field to understand their working environments. This paper presents theory, method, and findings to consider how teachers in the high-risk favelas of Rio de Janeiro understand risk. Based on narrative inquiry design and analysis, findings indicate that what appears to be avoiding reality, coping, or being resilient, comes into view as teachers’ ways of narrating to mediate professional and community circumstances. We conclude with a discussion for ongoing research and practice.