I just don't see where the logical risk is coming from in your mind with this. I mean, you apply for a job for which you are technically underqualified or underqualified compared to the other potential candidates, you either:
A) Are honest and don't get the job.
Or
B) Lie successfully and potentially get the job, or lie unsuccessfully and don't get the job, or get the job and then get fired at a later date.
I don't see how outcome B is significantly worse than outcome A in any end scenario, whilst there's the chance the outcome will be significantly better.