Risky Challenge is a story-based puzzle game running on Irem's M-90 arcade system. Vic and Vinnie are professional treasure hunters, who, one day went down deep into the dungeon in search of treasure belonging to an ancient kingdom. While they were exploring, an earthquake causes the dungeon to collapse, trapping them inside. Now they must reach the top by making use of falling blocks. Like Tetris, these blocks can be rotated left or right and dropped down, and a life is lost when a stack of blocks reach beyond the top of each screen. Using these blocks, guide the protagonists through each stage, being careful not to trap them. Occasionally, a bomb will fall, and this can be used to destroy unwanted blocks or any monsters on screen. The two protagonists will always be on the move, so watch where they are going. Spend too much time in each of the stages, and water will rise up from the bottom of the screen. Lives are also lost when Vic or Vinnie get crushed by a falling block, they come into contact with a monster, fall to their deaths, or get drowned by the rising water