Danger lurks in Lizzy being cut near ribs (7)
I believe the answer is:
brisket
'cut near ribs' is the definition.
'brisket' can be an answer for 'cut' (I have seen 'Cut of beef' mean 'brisket' so perhaps 'cut' could also mean 'brisket'). I am not certain of the 'near ribs' bit.
'danger lurks in lizzy' is the wordplay.
'danger' becomes 'risk' (synonyms).
'lurks in' means one lot of letters goes inside another.
'lizzy' becomes 'bet' (I can't explain this - if you can you should believe this answer much more).
'risk' inserted within 'bet' is 'BRISKET'.
'being' acts as a link.
Can you help me to learn more?
(Other definitions for brisket that I've seen before include "Cut of beef from the breast or lower chest" , "Meat cut from the breast of an animal" , "Cut of meat from a cow's breast" , "Risk bet on a strange cut of meat" , "Joint of beef cut from the breast" .)