We investigate the ground-state properties and the collective modes of a two-dimensional two-component Rydberg-dressed Fermi liquid in the dipole-blockade regime. We find instability of the homogeneous system toward phase-separated and density ordered phases, using the Hartree-Fock and random-phase approximations, respectively. The spectral weight of collective density oscillations in the homogenous phase also signals the emergence of density-wave instability. We examine the effect of exchange hole on the density-wave instability and on the collective-mode dispersion using the Hubbard local-field factor.