Lipid peroxidation is a fundamental phenomenon in biology and medicine involved in a wide range of diseases. Some key microscopic aspects of this reaction in cell membranes are still poorly studied. In particular, it is commonly accepted that the propagation of the radical reaction in lipid bilayers is hampered by the rapid diffusion of peroxyl intermediates toward the water interface, that is, out of the reaction region. We investigated the validity of this “floating peroxyl radical” hypothesis by means of molecular modeling. Combining quantum calculations of model systems and atomistic simulations of lipid bilayers containing lipid oxidation products, we show that the peroxyl radical does not “float” at the surface of the membrane. Instead, it remains located quite deep inside the bilayer. In light of our findings, several critical aspects of biological membranes’ peroxidation, such as their protection mechanisms, need to be revisited. Our data moreover help in the design of more efficient antioxidants, localized within reach of the reaction propagating radical.