This study investigates the relationship between risk management and performance in the fishing sector of Pakistan, focusing on the mediating role of risk perception. A survey of 512 participants, including stakeholders such as fishermen, researchers, and consumers from Karachi, Thatta, and Sujawal was conducted to assess various risks affecting the sector. Five main categories of risks were identified: management, economic, occupational, environmental, and technical risks. The results revealed that all types of risks negatively affect performance, with management risks having the most significant impact. Using Structural Equation Modeling (SEM), the study examined the mediating role of risk perception in the risk-performance relationship. The findings indicated that risk perception significantly influences performance outcomes, with regional variations observed between Karachi, Thatta, and Sujawal. These regional differences highlight the need for region-specific risk management strategies. The study also emphasized the importance of stakeholder involvement in the risk management process, with suggestions for enhancing training programs and improving coordination between various management bodies. The study concluded that improving risk perception, enhancing stakeholder collaboration, and implementing effective enforcement measures are crucial for improving the performance of the fisheries sector in Pakistan.