As electric bikes (e-bikes) rapidly develop in China, their traffic safety issues are becoming increasingly prominent. Accurately detecting risky riding behaviors and conducting mechanism analysis on the multiple risk factors are crucial in formulating and implementing precise management policies. The emergence of shared e-bikes and the advancements in interpretable machine learning present new opportunities for accurately analyzing the determinants of risky riding behaviors. The primary objective of this study is to examine and analyze the risk factors related to speeding behavior to aid urban management agencies in crafting necessary management policies. This study utilizes a large-scale dataset of shared e-bike trajectory data to establish a framework for detecting speeding behavior. Subsequently, the extreme gradient boosting (XGBoost) model is employed to identify the level of speeding risk by leveraging its excellent identification ability. Moreover, based on measuring the degree of interaction among road, traffic, and weather characteristics, the investigation of the complex interactive effects of these risk factors on high-risk speeding is conducted using bivariate partial dependence plots (PDP) by its superior parsing ability. Feature importance analysis results indicate that the top five ranked variables that significantly affect the identified results of speed risk levels are land use density, rainfall, road level, curbside parking density, and bike lane width. The interaction analysis results indicate that higher levels of road and bike lane width correspond to an increased possibility of high-risk speeding among riders. Land use density, curbside parking density, and rainfall display a nonlinear effect on high-risk speeding. Introducing road level, bike lane width, and time interval could change the patterns of nonlinear effects in land use density, curbside parking density, and rainfall. Finally, several policy recommendations are proposed to improve e-bike traffic safety by utilizing the extracted feature values associated with a higher probability of high-risk speeding.