The easy-to-relocate metal hooks that make pegboard so versatile also make pegboard so frustrating. By design, the hooks pop right out of the hole so you can insert them elsewhere. Unfortunately, pulling tools off usually means the hook comes with it, which then falls and bounces out of sight.
Crawford’s Peg Locks are a solution — the picture shows how these small plastic clips attach over the hook and clip to the pegboard. Removal involves using a flat knife or screwdriver to pull out one tab. About a dime each ($2.62 for a pack of 25 at Amazon), they fit both 1/4″ and 1/8″ pegboard.