Riachuelo was constructed by Samuda Brothers in London, being laid down on 31 August 1881, launched on 7 June 1883 and commissioned into the Brazilian Navy on 19 November 1883.

Hilary A. Herbert, the chairman of the House Naval Affairs Committee in order to push the U.S. to increase its naval spending and build its first battleships warned Congress in 1883: “if all this old navy of ours were drawn up in battle array in mid-ocean and confronted by the Riachuelo it is doubtful whether a single vessel bearing the American flag would get into port”.

Riachuelo and Aquidabã, the two most powerful vessels in the Brazilian Navy, were both in dock for repairs in 1891 during the first Revolta da Armada (mutiny of the Brazilian Navy), led by Custódio José de Mello, which eventually forced the dictatorial President, Marshal Deodoro da Fonseca, to resign in favour of Marshal Floriano Peixoto.

Riachuelo returned to active service in 1896, and led the so-called "White Squadron" of President Campos Sales on his official visit to Argentina in 1900, accompanied by the cruisers Almirante Barroso and Tamoio.

Its last important mission in 1907 was to convey the Brazilian Naval Commission to take delivery of the new battleships, Minas Geraes and São Paulo.