Palm oil production and consumption involve several consequences, the perception of which are significant factors that influence consumer behavior. The aim of our research is to explore which health, environmental, or social consequences associated with palm oil influence consumers most in their behavior to avoid palm oil. We examined the three risk types from two approaches: from the viewpoint of generally perceived consequences, and the viewpoint of consequences perceived specifically in relation to palm oil. We collected data through an online consumer survey (n = 336), and we applied the method of structural equation modeling to achieve our research aim. According to our results, depending on the approach, all three consequence types influence consumer purchase intentions. Of them, the perceived effects of palm oil on health have the strongest influence on consumption intent, followed by environmental damage caused by palm oil production. The effect of general health consequences show indirect significance through information seeking, which also indicates the importance of the approach to consequence perception. Indirectly or directly, only general social consequences influence purchase intent. Our research suggests that companies developing palm oil-free products could benefit from a label on the product stating their palm oil-free nature.