Thirteen particle-phase PAHs, including nine >4-ring congeners [Benz[a]anthracene (BaAn), Chrysene (Chry), Benzo[b]fluoranthene (BbF), Benzo[k]fluoranthene (BkF), Benzo[e]pyrene (BeP), Benzo[a]pyrene (BaP), Dibenzo[a,h]anthracene (dBaAn), Benzo[g,h,i]perylene (BghiPe), Indeno(1,2,3-c,d)pyrene (IP)], listed by IARC (International Agency for Research on Cancer) as class 1, class 2A, and 2B carcinogens, plus four ≤ 4-ring congeners [Phenanthrene (Ph), Anthracene (An), Fluoranthene (Fl), Pyrene (Py)], were concurrently measured in inhalable and respirable particle fractions (PM10 and PM2.5) at a heavy-traffic and an urban background site in Thessaloniki, northern Greece, during the warm and the cold period of the year. Carcinogenic and mutagenic potencies of the PAH-bearing particles were calculated, and the inhalation cancer risk (ICR) for local population was estimated. Finally, Chemical Mass Balance (CMB) modeling was employed for the source apportionment of ambient PAH levels and the estimated lung cancer risk. Resulted inhalation cancer risk during winter was found to be equivalent in the city center and the urban background area suggesting that residential wood burning may offset the benefits from minor traffic emissions.