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 unsure of the 'near ribs' bit.
'danger lurks in lizzy' is the wordplay.
'danger' becomes 'risk' (risk is a kind of danger).
'lurks in' is an insertion indicator.
'lizzy' becomes 'bet' (I can't explain this - if you can you should give a lot more credence to this answer).
'risk' inserted into '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" .)