I had that problem when I bought my Savage. I found a good used one on ebay for about $20.00. Just search for Suzuki Savage parts. There's a bunch of parts when people convert to Bobbers.

You can't bend it back or it will weaken and break due to it being hardened.

Obviously the bike went down on the right side and bent the peg and the stop for the brake pedal.

You just need to bend them back as best you can.....or replace them.  The pedal stop will have to be bent back into place before you mount things back on the bike.....the peg will be easiest to bend back when the parts are back on the bike.  The peg bends easily....use a piece of wood against the peg - and a big hammer to bang on the wood!

I have straightened two foot pegs now on S-40's and the easiest way is to remove the pin so you can take the peg off the mount.  Then slide off the thin metal plate and the rubber cover.  From here you can put it in a vise and use a large channel locks pliers or a large cresent wrench and straighten the metal core.  it is just a metal tube formed by rolled sheet metal and it buckles when bent like you have it.  you can do an amazing amount of straightening once you get it stripped down to the point I described.

O Ram

If you don't need the repaired peg to last forever, try straightening it as mentioned with a Channel Lock or large adjustable. And then fit a piece of wood inside the peg before putting the rubber cover back on. The wood block will keep the weakened peg from bending in the same spot if you stand up on the pegs.

Kenny G

Looks straight but I wouldn't want a foot peg to snap off when I'm on the freeway. The metal is fatigued already from being bent so to me kinda iffy. Save money or your foot?

I'd just find a good used straight one and replace it.

I have 2 bent pegs if you want them. They may have road rash as well. Adds character.  

I hung my left peg in a pothole doing a quick u turn. Yep, bent it. I straightened it up, nowhere near as carefully, and got another buncha thousand miles on it, sold it to a three hundred pound guy, his mom lives next e, so, if it did him wrong, id know. I think the metal is too soft to get brittle from one bending, straightening event.
If it does fail, it won't snap like a glass rod, you'll feel it start acting funny.I doubt it will ever be a concern. Looks new. Ride.
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