A common trait of psychological disorders is an impairment in executing appropriate action under conflicting motivations. Indeed, balancing reward and risk is a fundamental brain process essential for survival. The brain assigns positive or negative value to external stimuli, facilitating approach or avoidance behaviors, respectively. Thus, dissecting the brain circuitry that controls these processes is essential towards a better understanding of brain function and the pathological processes in mental health. The laterodorsal tegmental area (LDTg) is a heterogeneous brain region which modulates the reward system. However, recent work from our laboratory showed that it might have a role in processing aversion. Yet, it is presently unclear what are the circuit mechanisms behind this diverse salience processing. Here, we investigate the role of LDTg cholinergic neurons in the detection of salient stimuli. Using in vivo calcium imaging in transgenic mice, we dissected its involvement in the integration of rewarding and aversive stimuli, separately. Moreover, we studied the role of the LDTg cholinergic neurons in a risk-taking paradigm in which mice have to balance the benefit of gaining a food reward with the cost of exposure to an aversive event. Taken together, our study reveals an expansion of the neural structures involved in risk-taking behavior, thereby contributing to the understanding of how the brain orchestrates appropriate actions amid conflicting motivations.