Greetings,
In many cases you have to tell the software what to do if the statement is true. You can consider using a conditional statement in this case if you want the output raster to have the same values as the input, but just be a subset of the full data range. The statement below worked well for me.
output =Con(("Raster.tif" >= 500) & ("Raster.tif" <= 2000),"Raster.tif")
If you want the true statement to be 1 and false to be 0, and not worry about maintaining the real input values you can just use this:
output = ("Raster.tif" >= 500) & ("Raster.tif" <= 2000)
Regards,
Eric