Background: Lateral meniscal repair using an all–inside meniscal repair device involves a risk of iatrogenic peroneal nerve injury. To our knowledge, there have been no previous studies evaluating the risk of injury with the knee in the standard operational figure-of-4 position with joint dilatation in arthroscopic lateral meniscal repair. Purpose: To evaluate and compare the risk of peroneal nerve injury and establish the safe and danger zones in repairing the lateral meniscus through the anteromedial, anterolateral, or transpatellar portal in relation to the medial and lateral borders of the popliteal tendon (PT). Study Design: Descriptive laboratory study. Methods: Using axial magnetic resonance imaging (MRI) studies of knees in the figure-of-4 position with joint fluid dilatation at the level of the lateral meniscus, we drew direct lines to simulate a straight all–inside meniscal repair device deployed from the anteromedial, anterolateral, and transpatellar portals to the medial and lateral borders of the PT. If the line passed through or touched the peroneal nerve, a risk of iatrogenic peroneal nerve injury was noted, and measurements were made to determine the safe and danger zones for peroneal nerve injury in relation to the medial or lateral border of the PT. Results: Axial MRI images of 29 adult patients were reviewed. Repairing the lateral meniscus through the anteromedial portal in relation to the lateral border of the PT and through the anterolateral portal in relation to the medial border of the PT had a 0% risk of peroneal nerve injury. The “safe zone” in relation to the medial border of the PT through the anterolateral portal was between the medial border of the PT and 9.62 ± 4.60 mm medially from the same border. Conclusion: It is safe to repair the body of the lateral meniscus through the anteromedial portal in the area lateral to the lateral border of the PT or through the anterolateral portal in the area medial to the medial border of the PT. Clinical Relevance: There is a risk of iatrogenic peroneal nerve injury during lateral meniscal repair. Thus, we recommend repairing the lateral meniscal tissue through the anteromedial portal in the area lateral to the lateral border of the PT and using the anterolateral portal in the area medial to the medial border of the PT, as neither of these approaches resulted in peroneal nerve injury. Additionally, the surgeon can decrease this risk by repairing the meniscal tissue using the all–inside meniscal device in the safe zone area.