In Peru, rice grains, wheat, and their processed products are accessible due to their low cost; however, their sale does not have quality certification, so their safety is not guaranteed. This study quantified lead (Pb) and cadmium (Cd) by voltammetry in 16 samples of grains and processed products from four markets in Arequipa (Altiplano, Andrés Avelino Cáceres, Los Incas, and San Camilo) and evaluated their potential health risk. The maximum concentrations of Pb in rice, wheat, and their processed products were 4.821 mg/kg, 7.962 mg/kg, 4.717 mg/kg, and 6.440 mg/kg, respectively; only seven samples showed Cd. All samples exceeded the maximum level (ML) for Pb, and four samples exceeded the ML for Cd established by the Codex Alimentarius (0.200 mg/kg); the rice product had the highest concentration of Pb and Cd. In relation to the estimation of potential health risk, the estimated daily intake (EDI), target hazard quotient (THQ), and target cancer risk (TR), showed that the consumption of all processed rice and wheat products (except Andrés Avelino Cáceres rice and San Camilo wheat) represent a health threat associated with an increased probability of cancer development.