Understanding the partitioning of turbulent energy between ions and electrons in weakly collisional plasmas is crucial for the accurate interpretation of observations and modelling of various astrophysical phenomena. Many such plasmas are ‘imbalanced’, wherein the large-scale energy input is dominated by Alfvénic fluctuations propagating in a single direction. In this paper, we demonstrate that when strongly-magnetised plasma turbulence is imbalanced, nonlinear conservation laws imply the existence of a critical value of the electron plasma beta (the ratio of the thermal to magnetic pressures) that separates two dramatically different types of turbulence in parameter space. For betas below the critical value, the free energy injected on the largest scales is able to undergo a familiar Kolmogorov-type cascade to small scales where it is dissipated, heating electrons. For betas above the critical value, the system forms a ‘helicity barrier’ that prevents the cascade from proceeding past the ion Larmor radius, causing the majority of the injected free energy to be deposited into ion heating. Physically, the helicity barrier results from the inability of the system to adjust to the disparity between the perpendicular-wavenumber scalings of the free energy and generalised helicity below the ion Larmor radius; restoring finite electron inertia can annul, or even reverse, this disparity, giving rise to the aforementioned critical beta. We relate this physics to the ‘dynamic phase alignment’ mechanism (that operates under yet lower beta conditions and in pair plasmas), and characterise various other important features of the helicity barrier, including the nature of the nonlinear wavenumber-space fluxes, dissipation rates, and energy spectra. The existence of such a critical beta has important implications for heating, as it suggests that the dominant recipient of the turbulent energy, ions or electrons, can depend sensitively on the characteristics of the plasma at large scales.