diff --git a/changelogs/fragments/49113-iam-role-arn-parsing-updated.yml b/changelogs/fragments/49113-iam-role-arn-parsing-updated.yml
new file mode 100644
index 00000000000..b14fa7be7c2
--- /dev/null
+++ b/changelogs/fragments/49113-iam-role-arn-parsing-updated.yml
@@ -0,0 +1,2 @@
+bugfixes:
+  - ec2_metadata_facts - Parse IAM role name from the security credential field since the instance profile name is different
diff --git a/lib/ansible/modules/cloud/amazon/ec2_metadata_facts.py b/lib/ansible/modules/cloud/amazon/ec2_metadata_facts.py
index 2416f9f31c8..0f5cd454691 100644
--- a/lib/ansible/modules/cloud/amazon/ec2_metadata_facts.py
+++ b/lib/ansible/modules/cloud/amazon/ec2_metadata_facts.py
@@ -467,8 +467,9 @@ class Ec2Metadata(object):
         new_fields = {}
         for key, value in fields.items():
             split_fields = key[len(uri):].split('/')
-            if len(split_fields) == 2 and split_fields[0:2] == ['iam', 'info_instanceprofilearn']:
-                new_fields[self._prefix % "iam-instance-profile-role"] = value.split('/')[1]
+            # Parse out the IAM role name (which is _not_ the same as the instance profile name)
+            if len(split_fields) == 3 and split_fields[0:2] == ['iam', 'security-credentials'] and ':' not in split_fields[2]:
+                new_fields[self._prefix % "iam-instance-profile-role"] = split_fields[2]
             if len(split_fields) > 1 and split_fields[1]:
                 new_key = "-".join(split_fields)
                 new_fields[self._prefix % new_key] = value
@@ -504,7 +505,7 @@ class Ec2Metadata(object):
                         dict = json.loads(content)
                         self._data['%s' % (new_uri)] = content
                         for (key, value) in dict.items():
-                            self._data['%s_%s' % (new_uri, key.lower())] = value
+                            self._data['%s:%s' % (new_uri, key.lower())] = value
                     except:
                         self._data['%s' % (new_uri)] = content  # not a stringifed JSON string