This study assessed the effect of soaking on the retention and removal of arsenic (As) along with other toxic elements and nutrients in three types of soaked rice or overnight steeped rice (pantavat), as this food dish was highlighted on the Australian MasterChef program in 2021 as a popular recipe. Results showed that brown rice contained twice as much As as basmati and kalijira rice. Cooking with As-free tap water using a rice cooker removed up to 30% of As from basmati rice. Around 21–29% removal of total As was observed in soaked basmati, brown, and kalijira rice. However, while 13% of inorganic As was removed from basmati and brown rice, no changes were noted in the kalijira rice. Regarding nutrient elements, both cooking and soaking rice caused significant enrichment of calcium (Ca) whereas potassium (K), molybdenum (Mo) and selenium (Se) were reduced substantially for the tested rice varieties. The nutrients like magnesium (Mg), iron (Fe), sulfur (S) and phosphorus (P) did not significantly change. The results indicated that soaking can minimize up to 30% As and soaked rice reduced few nutrients like K, Mo and Se. Data in this study highlights the retention and/or loss of toxic and beneficial nutrient elements in pantavat when As-free water is used to prepare this food.