Fear of crime is one of the most important problems in our cities, even in low-crime-rate areas. The aim of this paper is to provide evidence of the issues involved in the perceived risk of victimization and fear of crime in these contexts using the Structural Equation Model (SEM) technique. Five hundred and seventy-one people living in a working-class neighborhood of Barcelona answered a 45-item questionnaire including the following 7 constructs: perception of insecurity, previous threat experiences, social representations of insecurity, personal control and coping skills, potential aggressors, urban identity, and perceived environmental quality. Findings confirm the theoretical model, in which fear of crime is structurally related to: a) environmental features, b) personal variables, and c) social representation of unsafe places. In addition, we found that the role of social aspects is as important as that of environmental and psychological ones. Residential satisfaction and urban social identity appear as relevant variables.