The bioaccumulation of trace elements and heavy metals in aquatic organisms is a critical environmental concern due to its potential impact on ecosystem health and human safety. This study investigated the level of trace elements and heavy metals bioaccumulation in Labeo rohita and Mystus seenghala from the River Jhelum in the district Khushab, Punjab, Pakistan. The concentration of calcium, magnesium, iron, nickel, copper, arsenic, cadmium, zinc, chromium, manganese, cobalt, and lead in the gills, liver, and muscle tissues of these fish was measured using inductively coupled plasma-mass spectrometry. Then, the extent of contamination and its possible health risks were assayed. Our findings indicate significant variations in the elemental and metal concentrations among different organs and between species, reflecting their diverse feeding habits and habitats. The health risk assessment based on the estimated daily intake, estimated weekly intake, maximum permissible intake, target hazard quotient, hazard index or total target hazard quotient, health risk index, and target cancer risk revealed potential risks to human consumers of these fish. This study emphasizes the need for continuous monitoring, as new data and insights are crucial for understanding and mitigating these risks. Strict regulatory measures are also necessary to safeguard public health and preserve the ecosystem of Jhelum River.