From
FFI's semantics docs:
The FFI library has been designed as a low-level library. The goal is to interface with C code and C data types with a minimum of overhead. This means you can do anything you can do from C: access all memory, overwrite anything in memory, call machine code at any memory address and so on.
The FFI library provides no memory safety, unlike regular Lua code. It will happily allow you to dereference a NULL pointer, to access arrays out of bounds or to misdeclare C functions. If you make a mistake, your application might crash, just like equivalent C code would.
This behavior is inevitable, since the goal is to provide full interoperability with C code. Adding extra safety measures, like bounds checks, would be futile. There's no way to detect misdeclarations of C functions, since shared libraries only provide symbol names, but no type information. Likewise, there's no way to infer the valid range of indexes for a returned pointer.
Again: the FFI library is a low-level library. This implies it needs to be used with care, but it's flexibility and performance often outweigh this concern. If you're a C or C++ developer, it'll be easy to apply your existing knowledge. OTOH, writing code for the FFI library is not for the faint of heart and probably shouldn't be the first exercise for someone with little experience in Lua, C or C++.
As a corollary of the above, the FFI library is not safe for use by untrusted Lua code. If you're sandboxing untrusted Lua code, you definitely don't want to give this code access to the FFI library or to any cdata object (except 64 bit integers or complex numbers). Any properly engineered Lua sandbox needs to provide safety wrappers for many of the standard Lua library functions — similar wrappers need to be written for high-level operations on FFI data types, too.
Generally your application will simply crash, usually due to an illegal operation like dereferencing a NULL pointer, or illegal memory access. In these cases, usually your OS will just terminate the process, if not luajit itself. As such, the safety generally depends on
what you're doing with the FFI code. Some typical C interfacing (granted you can trust the code you're interfacing with) or using C data types shouldn't pose a significant risk, though.