Underwear fetish
An underwear fetish is arousal from underwear — most commonly women's panties, though any lingerie or undergarment can be the focus. Enthusiasts may be turned on by the look, feel, or scent of underwear, and pursue it by collecting, wearing, or smelling it (worn, unwashed items are especially prized by some). It sits close to lingerie and used-panty fetishes, and for the scent-focused, it overlaps with olfactophilia. It ranges from simply loving the sight of a partner in pretty underwear to a dedicated fixation. The intimacy of a garment worn against the body is central.
Underwear is charged by its intimacy — it sits against the most private parts of the body, so it carries a partner's shape, scent, and secrecy. For admirers, that closeness (plus the tease of what it covers, or the funk of a worn pair) makes it powerfully erotic.
It might mean enjoying a partner in lingerie, keeping or being given worn panties, wearing them oneself, or savoring their scent. Buying and trading used underwear is a whole niche market for the scent-and-collection side.
Low-risk. Worn items from others carry basic hygiene considerations (bacteria), and if wearing tight or synthetic underwear for long, mind irritation. Otherwise harmless.