Despite the substantive evidence on the victim-offender overlap from various national contexts, comprehensive examinations for Germany are lacking. This article provides insights into peer group-related correlates of the victim-offender overlap by specifically differentiating the roles of victims, offenders, and victim-offenders. The analysis examines risk factors for involvement in violence using a sample of 3,519 14- and 16-year-old students from a large crime study conducted in Germany. Applying multinomial logistic regression, the risk of being a victim-only, offender-only, or victim-offender is predicted by peer group characteristics such as frequency of meeting, group composition, delinquent norms, and routine activities with friends. The results show that proximity to friends and delinquent norms of peers significantly influence victimization, offending, and the victim-offender overlap. Regarding group composition, violent offending and being a victim-offender occurred more often in male-dominated mixed-gender friend groups, whereas victimization risk is not affected by group composition. Frequent alcohol consumption within the group is associated with victimization risk and the victim-offender overlap, whereas going out is associated with offending and the overlap. The findings underline that the peer context is not only of importance for explaining delinquency but also for unraveling victimization and the victim-offender overlap.