Many injuries occur to school-age children when they are allowed independence in decisions about risk taking during play. The present study examined the influence of child attributes (sensation seeking, typical emotional responses in risk situations) and social-situational context (peer presence) on risk taking. Children in the Experimental Group made decisions about risk taking with an unknown same-sex peer present and watching, while those in an age and sex-matched Control Group made decisions without a peer present. Results revealed that children who were high in sensation seeking and typically experienced excitement more than fear in risk situations engaged in greater risk taking. The presence of an observing peer, even though the peer was unknown to the child and said nothing, also was associated with greater risk taking. A regression analysis indicated that risk taking was predicted both from child attributes (sensation seeking) and emotion-based (fear) factors. Theoretical and practical implications of these findings are discussed.