But overweight or obese people were able to wipe out this risk if they were active for at least four hours a day. This included any sort of physical activity from structured exercise to housework.
Dr Klodian Dhana, of the Erasmus University Medical Centre in Rotterdam, said: "In the overall population we found that physical activity was protective for cardiovascular risk.
"Overweight and obese participants were not at increased cardiovascular risk compared to those of normal weight."
But he stressed this only applied if people stayed active. "Those who are overweight and obese without adequate physical activity are at higher risk of developing cardiovascular disease."
And Dhana emphasised his study, published in the European Journal of Preventive Cardiology, had only been conducted in over-55s, and the average participant was aged 70, so the trend may not hold true among younger people.
Obesity harms the body through the fatty "adipose" tissue, which accelerates clotting of the major blood vessels and increases cardiovascular risk. Physical activity is thought to lower the dangers of clotting by reducing the furry plaques which line blood vessels, and reducing the heart's oxygen demand.
Other experts, however, pointed out that being overweight does not just affect heart risk, with a major study yesterday linking obesity to 11 different cancers.
Professor Naveed Sattar, an expert in metabolic medicine at the University of Glasgow, added: 'This is a useful study but the data cannot be interpreted as saying you can outrun a bad diet.
"Bad diets also increase the risks for other conditions ... Being active is definitely good, whatever your BMI. But having a high BMI still increases risks of many conditions and also makes being active somewhat harder too."