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A next-generation rare pion decay experiment, PIONEER, is strongly motivated by several inconsistencies between Standard Model (SM) predictions and data pointing towards the potential violation of lepton flavor universality. It will probe non-SM explanations of these anomalies through sensitivity to quantum effects of new particles even if their masses are at very high scales. Measurement of the charged-pion branching ratio to electrons vs. muons $R_{e/μ}$ is extremely sensitive to new physics effects. At present, the SM prediction for $R_{e/μ}$ is known to 1 part in $10^4$, which is 15 times more precise than the current experimental result. An experiment reaching the theoretical accuracy will test lepton flavor universality at an unprecedented level, probing mass scales up to the PeV range. Measurement of pion beta decay, $π^+\to π^0 e^+ ν(γ)$, with 3 to 10-fold improvement in sensitivity, will determine $V_{ud}$ in a theoretically pristine manner and test CKM unitarity, which is very important in light of the recently emerged tensions. In addition, various exotic rare decays involving sterile neutrinos and axions will be searched for with unprecedented sensitivity. The experiment design benefits from experience with the recent PIENU and PEN experiments at TRIUMF and the Paul Scherrer Institut (PSI). Excellent energy and time resolutions, greatly increased calorimeter depth, high-speed detector and electronics response, large solid angle coverage, and complete event reconstruction are all critical aspects of the approach. The PIONEER experiment design includes a 3$π$ sr 25 radiation length calorimeter, a segmented low gain avalanche detector stopping target, a positron tracker, and other detectors. Using intense pion beams, and state-of-the-art instrumentation and computational resources, the experiments can be performed at the PSI ring cyclotron.