Introduction: Falls among the elderly are involuntary events that have a negative impact on their health, necessitating identification of their risk. Objective: To determine which factors are associated with the risk of falling in older Colombian adults. Methods: This was a secondary analysis of the SABE-Colombia study of 18,049 older adults, where the risk of falling was determined using the Downton scale and its association was investigated with variables such as age, height, weight, weight loss, alcohol consumption (in days), years of tobacco use, calf circumference, Barthel Index, instrumental activities of daily living (IADL), signs and symptoms, fear of falling, and architectural barriers outside and inside the home. The Lasso method was used to perform multiple analyses on the selected variables. Results: Being independent in performing basic ADL, as measured by the Barthel Index [odds ratio (OR): 92%], the absence of dangers at home (OR: 98%), needing assistance for medication management (OR: 66%) and transportation (OR: 83%), having a weight above the average of 78.15 kg (OR: 99%), and fewer years as a smoker (OR: 99%) showed no positive association with the risk of falling. Conclusions: Age, back pain, calf circumference, difficulty sleeping, dizziness, fear of falling, needing assistance walking 400 m, shortness of breath while awake, and tiredness are the variables associated with the risk of falling.