Heavy metals (HMs) are ubiquitous in terrestrial and aquatic environments due to unplanned industrial waste discharge, the release of untreated wastewater, and improper mining activities. In particular, the concentrations of HMs are found to be higher in aquatic environments. As a result, the aquatic biota was heavily affected by HM contamination. This critical review aims to understand the sources and toxicity of HMs in commercial fish species, explore their ecological exchange, and examine the related human health challenges in Bangladesh. A modified PRISMA review technique is used in this paper to analyze the current status and research limitations of HM studies in Bangladesh fish species and their toxicity within aquatic food webs. Briefly, we searched several keywords to explore the research trend of HM concentrations and toxicity in fish species. Furthermore, potential toxicity and risk assessment of HMs through the aquatic food chain in Bangladesh were explored. On the other hand, a cross-tabulation approach was used to process the toxicity findings of HMs. Previous studies indicate that fish species can possess comparatively higher HMs than river water due to ecological exchange factors, including bioaccumulation and biotransformation. This review focuses on Bangladesh, highlighting areas for improvements and the need for further study to achieve a transparent understanding of HM deposition in fish species and the sustainable management of aquatic food chain toxicity.