This study assessed particulate matter to quantify trace elements and source apportionment using the PMF receptor model, enrichment factor, and health risk assessment of toxic trace elements. The mean 24-hour average PM2.5 and PM10 concentrations computed by gravimetric analysis (GA) were 66.87 µg/m³ and 121.44 µg/m³, respectively, exceeding standard limits. The 22 trace elements observed through ICP-OES contributed 1.12% of the total PM, which raises health concerns. The percent contribution of sources by PMF model for PM2.5 and PM10 is approximately 27% and 40% crustal emissions, 30% and 29% road dust, 18% and 15% secondary aerosols, 13% and 7% vehicular emissions, 6% and 4% industries & mining activities, and 6% and 5% marine sources, respectively. Although crustal emissions and road dust appeared to be significant contributors, as indicated by the combined evaluation of EF and PMF results, these factors were found to be mixtures of re-suspended dust and emissions, rather than purely crustal material due to strong dominance of fine-particles from anthropogenic activities and secondary processes. Further, the observed carcinogenic risk (CR) values were higher for elements Cr < As < Cd < Ni < Pb in PM2.5 and PM10 for children and adults, respectively, than 1x10⁻6 to 1x10⁻⁴ limit by USEPA. Children were more susceptible to exposure to health risks than adults with higher HQ and CR values in PM2.5, making it more potent than PM10. This paper provides a comprehensive understanding of trace elements contributing in PM and associated health risks with crucial insights for air quality management, climate impact, and public health.