This paper begins by examining the nature of the two-way coercion going on between India and Pakistan since 1989 followed by an analysis of the international environment that influences it. This leads to an examination of the sub-conventional fighting that Kashmir has had to endure for twelve years followed by the possible contours of a conventional war such fighting could lead to. Moving to the nuclear realm, the paper examines, in sequence, the nuclear arsenals of the two countries, the issues involved in managing these arsenals, the implications of their opaque nature, the nuclear strategies of the two countries, the manner in which they are gearing up to conduct nuclear operations, and the nuclear risks that are being run. This is followed by a look at the nature of the coercive risk-taking that is going on, spanning sub-conventional through nuclear. The paper ends with a set of conclusions.