Pedestrians account for 65% of all traffic fatalities worldwide. A sub-category of pedestrians is vehicle-to-vehicle vendors, who pose a concern in countries with rapid motorization. For example, 70% of traffic fatalities in Nigeria involve general pedestrians and vendors. Previous studies have highlighted vendors’ heterogeneous road crossing and car-following behaviors. Furthermore, they create a nuisance for general pedestrians. This study contrasts the risk perception of vehicle-to-vehicle vendors and general pedestrians and analyzes grouped and ungrouped illegal crossings of vendors. A questionnaire survey was developed, based on a literature review and expert knowledge, to identify variables associated with risk perception. Interviews based on a questionnaire were conducted in various locations in Dhaka, Bangladesh, which collected 1,019 responses containing information on the respondents’ demographic attributes, risk perception, aggressive behavior, near-crash experiences, and accepted yielding distances. Next, ordinal logit/probit and complementary log-log models were employed to analyze the data. The findings revealed that vehicle-to-vehicle vendors had a lower risk perception than general pedestrians. It also indicated that vendors would take a higher risk than general pedestrians. Furthermore, vendors jaywalking alone had a significantly lower perception of risk. Finally, gender, age, education, accepted yielding distance, and aggressive behavior were the most prominent factors affecting vendors’ risk perception. Gradually separating vendors from the traffic system by shifting them to proper street markets could be a critical solution.