From a traditional point of view, it depends on where you come from.
(From a Reform point of view, see below.)

If you are Ashkenazi and follow the Ashkenazi rabbis’ rulings, then no. Ashkenazi rulings place rice in the category of “kitniot,” other grains and legumes which are not considered actual chametz but yet are forbidden on Pesach because they might be mixed with or confused with actual chametz. Other foods in this category are corn, beans, lentils and peanuts.

If you are Sepharadi and follow the Sepharadi rabbis’ rulings, then yes.
(Some Ashkenazi Jews like to be Sepharadi for a week.) 

Here are some interesting reads on the subject:

http://www.dailyhalacha.com/displayRead.asp?readID=537

http://en.wikipedia.org/wiki/Chametz#Kitniyot

The Reform Responsa Committee which answers question on Jewish law and custom from a Reform point of view, says rice is OK. http://data.ccarnet.org/cgi-bin/respdisp.pl?file=9&year=5756

We do not eat rice in our family for two reasons:

1. Those who keep Ashkenazi customs might consider our home not Kosher for Pesach.

2. Those who are not familiar with Sepharadi practice might think we don’t know what we are doing and/or that we don’t observe Pesach.