Several studies have explored how arsenic (As) is absorbed and transported in plants, but less attention has been paid to its impact on rice growth and yield in relation to water management. We aimed to assess how arsenic affects plant development under different irrigation methods. The growth and yield parameters of four rice varieties (‘M 488’, ‘Janka’, ‘Szellő’, and ‘Nembo’) in two greenhouse experiments were analyzed in 2021 and 2022 under different irrigation methods (flooded (F), intermittent (I), and aerobic (A)). Three different As concentrations were set up in the soil: 43 mg kg−1, 24 mg kg−1, and 4 mg kg−1. Our results showed that the high As treatment caused severe damage to the plants including leaf yellowing as well as reduced growth and decreased yield parameters. Alternative water management practices such as I and A irrigation could reduce the negative effects of As. At the high level of As stress (43 mg kg−1), the I irrigation had the most favorable effect on the yield of ’Janka’ among the tested cultivars compared to the F irrigation (in F: 1.64 ± 1.13 g; in I: 5.45 ± 3.69 g). However, the use of fully aerobic conditions increased the likelihood of drought stress.