The Falcon Rider 500 is a slightly more compact version of the 570 model. It accommodates up to nine passengers and features storage lockers under each seat and in the bow.

The model is offered in three varieties to suit different needs: the Original Falcon 500 with an open cockpit, the Falcon 500L with a luxury-style console including deep armchair cushions and extra legroom for comfort during long hauls, and the Falcon 500S which features a sports console with pillion seating.