This essay explains the notion of luck in terms of risk. It starts by distinguishing two senses of risk, the risk that an event has of occurring and the risk at which an agent is with respect to an event. It cashes out the former in modal terms and the latter in terms of lack of control. It then argues that the presence or absence of event-relative risk marks a distinction between two types of luck or fortune commonly overlooked in ordinary usage of the terms “luck” and “fortune.” After offering a detailed account of the notion of control, the essay advances a new version of the so-called lack of control account of luck: lucky events are events with respect to which one is at risk and hence events over which one lacks control in the specified way. Finally, it argues that its account steers clear of counterexamples to the lack of control account of luck.