Abstract: A round handguard assembly for a rifle barrel (18) has substantially identical bottom and top mating sections (26, 28) covering the barrel. Each section has a generally cylindrical outer shell (32) and a generally cylindrical liner (34). Each shell has a plurality of centrally located vent holes (36) arranged in a longitudinal row and three equally spaced lugs (52, 54, 56) on its front end. Each liner has a rear segment devoid of vent holes with a flange (62) projecting from one of its sides and a front segment with a plurality of centrally located vent holes (60) arranged in a longitudinal row and registering with certain of the vent holes in the shell. The flanges on each liner overlap a side of the confronting liner to provide a radially sealed annular volume around the barrel for preventing heat transfer to the rear portions of the shells so that a user may comfortably grip the handguard assembly. The lugs on the front of the handguard assembly may accommodate a triangular cap (25) or a round cap.