To study the internal formation mechanisms of risky riding behaviors of takeaway e-bikers at urban intersections, we designed a takeaway riding risky behavior questionnaire and obtained 605 valid samples. An exploratory factor analysis was then conducted to extract five scales: individual characteristics, safety attitude, riding confidence, risk perception, and risky riding behavior. On this basis, a structural equation model was constructed to explore the intrinsic causal relationships among the variables that affect the risky riding behaviors of takeaway e-bikers. The results show that the influence of incentive compensation driven by the takeaway platform was the greatest one. Takeaway riders tend to fight against time to improve punctuality and income by red-light running and speeding. They usually need to pay attention to order information and the delivery routes and communicate with customers to pick up meals in real-time, which inevitably lead to the use of cell phone while riding. Road factors such as “no turnaround at the intersection” and “no non-isolation facilities between on-motorized and motorized lane” lead riders to riding against the traffic, riding on the motor lane, and parking outside the stop line. In addition, lax traffic regulations lead to frequent loopholes for takeaway riders. It means that improving the takeaway platform system, strengthening traffic safety education, and adopting mandatory restraint measures are extremely important. The empirical results provide theoretical support for the benign and healthy development of the takeaway industry, which is significant for preventing and reducing risky behaviors of takeaway riders and improving safety at urban intersections.