The present invention provides an improved exercise roller apparatus having a cylindrical body with at least one unobstructed inner compartment and wrapped in a foam sleeve. The hollow compartment(s) may hold variable amounts of weights in a fixed position such that the weights do not shift while the roller is in use and the roller rolls steadily on a smooth surface. The foam sleeve provides the cushion necessary to comfortably roll the body over the roller during therapeutic roller use or roller-aided exercises. Handgrips are provided on the body to transform the roller into a versatile weight-lifting apparatus.