Step 1: Understanding Potentially Malignant Disorders (PMDs).
Oral potentially malignant disorders are lesions that have a risk of transforming into oral squamous cell carcinoma.
The risk of malignant transformation varies among different lesions.
Step 2: Risk Comparison.
Leukoplakia has a variable transformation rate, generally around 1–5%.
Oral submucous fibrosis shows moderate risk due to chronic areca nut use.
Lichen planus has a relatively low transformation rate.
Erythroplakia, however, shows the highest risk, with a very high percentage of cases exhibiting severe epithelial dysplasia, carcinoma in situ, or invasive carcinoma at diagnosis.
Step 3: Reason for High Risk in Erythroplakia.
Erythroplakia appears as a red velvety lesion due to epithelial atrophy and increased vascularity.
Histopathologically, most cases already demonstrate high-grade dysplasia or malignancy.
Therefore, it carries the highest malignant transformation potential.
Step 4: Conclusion.
Hence, among the given options, erythroplakia has the highest risk of malignant transformation.