Danger of the pier collapsing at Lima (5)
I believe the answer is:
peril
'danger' is the definition.
(synonyms)
'pier collapsing at lima' is the wordplay.
'collapsing' indicates anagramming the letters.
'at' says to put letters next to each other.
'lima' becomes 'L' (phonetic alphabet: alpha, bravo, charlie etc.).
'pier' with letters rearranged gives 'peri'.
'peri'+'l'='PERIL'
'of the' acts as a link.
(Other definitions for peril that I've seen before include "Danger of serious kind" , "Great danger" , "Source of danger" , "Exposure to harm" , "Quest" .)