Riaz, who was one of Pakistan's few standout performers in a failed World Cup campaign, said on his Twitter account that he felt 'honoured' to know that Lara wants to meet him.
"I feel really proud and honoured that legend @BrianLara wants too meet me. I invite the great man 2 Pakistan n would be honoured 2b his host," Riaz said.
The left-arm pacer's fiery spell against Australia earned him widespread praise from former and present players and Lara was upset when the International Cricket Council decided to fine Riaz for his verbal showdown with Australian Shane Watson.
Lara had said he would love to meet Riaz and termed the ICC's decision to fine him "uncalled for". He also offered to pay for it himself.
"I don't know what the ICC is thinking. It's just uncalled for. We need this in a sport that people are running away from, especially 50-over cricket. I loved the exchange," Lara said on an Indian channel.
"It was above the board as far as I'm concerned and I can't wait to meet him. I want to meet with (this) Riaz guy. I'll pay the fine," Lara said.
Riaz said he was happy that his bowling had been appreciated by so many people but would have loved to see Pakistan win the quarterfinal.
"We all did our best but we couldn't win the quarterfinal and I don't think anyone can be blamed. But I am happy I was able to step up for Pakistan and bowl well," he said.