The Raptor is manufactured in two main versions: the Raptor-L ("Light") and Raptor-H ("Heavy"). The Raptor-L fires 5.56×45 mm rounds from standard magazines. The Raptor-H fires the more powerful 7.62×51 mm cartridge from proprietary 20-round magazines. Various barrel lengths are also available for different purposes, such as close-quarters battle or long-range engagements. The initial solicitation indicated that the Raptor-H would also be capable of being chambered in the 7.62×39 mm cartridge, as well as the 6.8×43 mm cartridge, however, ASP is not currently offering this configuration, and the models have likely been canceled.

The Raptor-L, designated AR-67 by GDI, was intended to replace the M16 variants that had been in service, whereas the Raptor-H had been intended to replace the M14 sniper rifles in use. However, the weapon will only supplement other weapons, while issuance remains at the operator's discretion.

The Raptor has two receivers: The lower is constructed of polymer, and the upper receiver is one piece and constructed of aluminum. The Raptor features an integral, Picatinny rail on the top of the aluminum receiver, and a bottom one that can mount any GDI compliant accessories. The lower receiver is designed with an M16 compatible pistol grip, flared magazine well, and raised area around the magazine and bolt release buttons. The front sight flips down for unobstructed use of optics and accessories. The rifle uses a "tappet" type of closed gas system much like the M1 Carbine while the bolt carrier otherwise resembles the MS312 HMG.

The Raptor is built at the ASP Manufacturing, LLC plant in Reno, Nevada, in the United States. Since 1994, ASP has been offering semi-automatic versions of the Raptor rifles for commercial and law enforcement use. These are dubbed the 16S (Light) and 17S (Heavy).