Arsenic is one of the most important environmental toxicants. Cardiovascular diseases, developmental abnormalities, neurologic and neurobehavioral disorders, diabetes, hearing loss, heamatologic disorders, and various types of cancer, including skin, and lung neoplasms, have all been associated with human exposure to arsenic. Both acute and chronic exposures have been reported in several countries of the world, where a large proportion of drinking water is contaminated with high concentrations of arsenic. Recent epidemiologic studies have demonstrated a strong correlation between arsenic exposure and the increase in incidence of human cancer. Research has also pointed out significantly higher standardized mortality rates for cancers of the bladder, kidney, skin, liver, and colon in many areas of arsenic pollution. There is therefore a great need for developing a comprehensive risk assessment (RA) model, to be used in the management of health risks associated with arsenic exposure. This paper aims at using the National Academy of Scienceis RA paradigm as a guide; to present a conceptual RA framework for managing the potential risks of toxicity and carcinogenesis associated with arsenic exposure.