This study investigated heavy metal contamination in cow and buffalo milk from industrial and residential areas of Raipur, India, assessing health risks and identifying contamination sources. Milk samples were collected from seven sites and analyzed for Zn, Ni, Fe, Mn, Cu, Cr, Cd, Pb, and As using inductively coupled plasma-optical emission spectroscopy (ICP-OES) and atomic absorption spectroscopy (AAS). Results revealed higher contamination in industrial areas, with fodder being a primary source for Zn, Ni, Fe, and Cu, while water contributed to Mn, Cr, and As. Estimated daily intake (EDI), target hazard quotient (THQ), and carcinogenic risk (CR) determination highlighted non-carcinogenic risks for Ni, Fe, and Pb, and significant carcinogenic risks for Pb and As. The concentrations of Zn, Ni, Fe, Mn, Cu, Cr, Cd, Pb, and As in milk samples were ranged from 1.708 to 3.243, 0.078-0.295, 1.480-4.450, 0.119-0.472, 0.032-0.461, 0.007-0.040, 0.006-0.032, 0.040-0.204, and 0.006-0.023 mg/kg, respectively. The principal component analysis (PCA) identified fodder as a source of Zn, Ni, Fe, Cu, and Cd, while water contributed to Mn, Cr, and As. This study needed monitoring and regulation to mitigate health risks from contaminated milk in Raipur.