In 2007, Fall Out Boy's fourth album, Infinity on High was released to major success, debuting at #1 on the Billboard 200 with 260,000 sales, spurred by the lead single, "This Ain't a Scene, It's an Arms Race", which reached the top ten in the US & UK and topped the charts in New Zealand. The second single, "Thnks fr th Mmrs" sold more than 2 million units in the US. The band's fifth studio album, Folie à Deux was released on December 13, 2008, and debuted at #8 on the Billboard 200. The band toured extensively in support of their albums.
Apart from his musical career, Wentz has been involved in various entrepreneurial ventures. Fall Out Boy bandmate Patrick Stump says of Wentz's endeavors: "It scares me sometimes, watching him. The two seconds you're not with that dude he's made 30 decisions that are going to affect our band for the rest of the year." Wentz's company, Clandestine Industries, distributes books, clothing, and other merchandise. On August 2, 2007, fashion company DKNY joined a partnership with Clandestine Industries. Wentz himself has served as a model on the DKNY/Clandestine promo website.
In April 2007, Pete came out with his own signature Squier Precision Bass. It has a black body with a red shell pickguard and special graphics that include Wentz's own red bat/heart design on the body, plus a black bat/diamond fingerboard inlay at the 12th fret. It also features Wentz's signature on the back of the headstock. Wentz owns a very similar custom Fender bass with a purple pickguard and bat/heart. In 2008, Fender gave his son, Bronx Wentz, a three-quarter-sized modified version of his guitar.
Wentz opened a nightclub in New York with his bandmates as well as members of Gym Class Heroes, The Academy Is..., and Cobra Starship; the bands' managers are also involved in the enterprise. Called Angels & Kings, the club occupies the former space on 11th Street near Avenue A that housed the Orchid Lounge. Notable guests, including Tommy Hilfiger, arrived for the grand opening on April 20, 2007. In June 2007, Wentz celebrated the opening of Angels & Kings' second location in Chicago.