SummaryQuantification of some important elements, including several heavy metals, and assessment of health risks associated with rice consumption was conducted. Twelve different rice varieties were analysed for fourteen metals i.e. As, Ba, Cd, Co, Cr, Cu, Fe, Mn, Ni, Pb, Se, Sr, U, and Zn using Inductively Coupled Plasma–Mass Spectrometry (ICP‐MS). In addition, arsenic species were separated and determined by High‐Performance Liquid Chromatography coupled with ICP‐MS. The As levels ranged from 24.16 to 178.66 μg kg−1, while Cd levels varied from 31.38 to 155.88 μg kg−1. The principal component analysis clearly differentiates traditional and non‐traditional varieties. The maximum Estimated Daily Intake (EDI) value, 120.56 μg kg−1 bw day−1, was reported for Zn from Kekulu Samba, while the highest Cancer Risk (CR) value, 1.17 × 10−02, was reported for Cd from red raw rice. The Madathawalu rice recorded the highest Target Hazard Quotient (THQ) value of 5.51. The EDI, CR, and THQ levels showed some health risks for some rice varieties. The most predominant species detected was As(III), followed by As(V), and the total inorganic As level ranged from 77.3 to 91.3%. THQ and CR levels suggested considerable potential non‐carcinogenic risk and carcinogenic risk due to the consumption of rice.