In a medium saucepan, combine the rice and water. Bring to a boil.
Reduce heat to low, cover, and simmer for 15-20 minutes, or until the rice is tender and water is absorbed.
Add the sweetened condensed milk, evaporated milk, whole milk, granulated sugar, and cinnamon stick to the cooked rice.
Stir well to combine. Cook over medium heat, stirring frequently, until the mixture thickens and becomes creamy, about 20-30 minutes.
Remove the cinnamon stick.
Stir in the vanilla extract.
If using, fold in raisins or shredded coconut.
Spoon the Arroz con Leche into serving bowls.
Sprinkle with ground cinnamon before serving.
Enjoy your meal!