The maintenance and/or achievement of security is of paramount importance within settings recovering from armed conflict; however existing studies in the field of peacebuilding do not sufficiently explore how various processes undertaken within peacebuilding programming result in different types of security outcomes at the individual and community level. In this article, I develop a novel conceptual framework for analyzing “micro-level” security risks and benefits of peacebuilding processes, through an adapted version of Johan Galtung’s work on direct and structural violence. For the purposes of this article, the framework is applied in the context of “local” transitional justice (TJ) processes used in the aftermath of armed conflict, for which advocacy and implementation has increased in the recent past. Relying on a social psychological definition of security, I disaggregate components of direct and structural violence and use illustrative examples from existing empirical studies about the effects of local TJ processes in various settings to demonstrate ways in which these types of violence may be perpetuated, or initiated in new forms through these processes, thus posing security risks. The framework is further developed through the elucidation of factors that may help to repair the consequences of direct and structural violence and/or hinder the likelihood of their repetition, thematically conceptualized as physical and psychological welfare and social justice (respective to direct and structural violence) that I suggest link to security benefits. The framework intends to provide new perspectives on understanding how peacebuilding processes may both promote and prevent security from being realized at the local level following armed conflict.