Final answer:
In a volar dislocation of the PIP joint, the central slip is at risk, potentially leading to a boutonniere deformity characterized by middle phalanx flexion at the PIP joint and distal phalanx hyperextension at the DIP joint.
Step-by-step explanation:
The structure at risk with a volar dislocation of the proximal interphalangeal (PIP) joint is the central slip of the extensor mechanism. This dislocation can lead to the development of a boutonniere deformity, where the middle phalanx is flexed at the PIP joint and the distal phalanx is hyperextended at the distal interphalangeal (DIP) joint. It is important to address this injury promptly to prevent long-term complications and maintain proper function of the finger.