A fluidized bed aerosol generator was connected to a 13-stage cascade impactor (nanoMOUDI) for the size fractionation of urban dust (<10 µm), followed by the gravimetric analysis of loaded PTFE filter samples. This method was used to characterize the PM10 (thoracic) fraction of road dust sampled from expressways, arterial roads and local roads in Toronto, Canada. The fine particle fractions (<1.8 µm) of all the studied samples accounted for 51–72% of the resuspended PM10 (by weight). Elemental analysis using ICP-MS and ICP-OES revealed an overall trend of element enrichment in the <1.8 µm fraction compared to the coarse fraction (1.8–10 µm) of the road dust. By contrast, archived house dust samples displayed the reverse trend for most elements. The lung bioaccessibility of target elements (Al, B, Ba, Co, Cr, Fe, La, Mn, Mo, Sb, Sr, Ti, V and Zn) was assessed for each road dust fraction using 0.1 M ammonium citrate (pH 4.4) to simulate intracellular fluid and Gamble solution (pH 7.2) to simulate interstitial lung fluid. The <1.8 µm fraction of local road dust displayed significantly higher bioaccessibility (p < 0.05) for Zn when using Gamble solution, and for seven out of the 14 target elements when using ammonium citrate. These results show the importance of characterizing the fine fraction of road dust.