Geogenic and anthropogenic activities introduce certain metals into the environment which tend to deteriorate the quality of both surface and groundwater in the Bosomtwe Crater Lake and its surroundings. In this study spatio-temporal variations in concentrations and risk assessment of selected trace metals (As, Fe, Pb, Zn, Cr, Cd and Ni) were investigated during the wet and dry seasons for surface and groundwater in selected human settlements around the lake. The levels of As, Cd and Ni were generally small and were below the detection limit of the instrument. The results showed no significant seasonal variations in the mean levels of Pb, Fe, Zn and Cr in water from the Bosomtwe Crater Lake. The hazard quotients and health hazard indices through ingestion and dermal contact of lake and groundwater in towns around the lake for both adults and children gave values which were below the acceptable limit of less than unity (< 1), indicating the absence of non-carcinogenic health risk to the communities. The study however reveals that ingestion of both lake and groundwater from the lake and its surroundings poses carcinogenic risk with regard to the level of Pb and Cr. Hence appropriate control measures and interventions should be put in place to protect the health of the human population in the study area.