The unprecedented spate of insecurity in recent times in Nigeria has ignited a lot of intellectual excursions that are centred on the contributory factors and panaceas to the unquantifiable consequences that the security challenges have placed on the nation. The government formulated policies and actions at all levels have not played pivotal roles to checkmate the rising criminal activities. Cato Institute-a Washington DC-based public policy research organisation rated Nigeria unsafe because of the escalations of crimes within and across the territory of the country. Thus, the study elicited primary data through a self-administered questionnaire from 300 respondents, which comprised civilians, military and Para-military officers within Ondo state, to investigate insecurity and its socio-economic consequences using the Anomie theory of crime as a theoretical fulcrum. Secondary data were also gathered from relevant articles, newspapers, publications and textbooks to support the field experiment. After the analysis of data with the use of descriptive statistics, the study revealed that the rate of insecurity is high in Ondo state. It was further shown that youth unemployment, poverty, poor policing system, porosity of poorly demarcated borders, Ethno-religious crises, political leadership tussles, weak security, legal and legislative systems among other factors and conditions contribute significantly to the security quagmire in Ondo state. In the same vein, according to the study, some of the attendant consequences of insecurity include but not limited to discouragement of investments, destruction of residences and places of worship, internal displacement of persons, brain drain, migration, economic loss, social discomfort, and death of citizens. The study therefore, concluded that efforts of the governments at all levels have not been effective to checkmate the criminal activities. To stem the rising wave of insecurity, the study recommended more coordinated and pro-active socio-economic measures, community policing, strategic military operations, effective border monitoring, and good governance among others.