This study investigated the magnitude of heavy metal contamination and determined the carcinogenic as well as non-carcinogenic risks associated with selected food consumption in Bangladesh. Commonly consumed varieties of rice, vegetables, and fish samples were analyzed to measure the concentrations of heavy metals such as cadmium, chromium, lead, arsenic, manganese, nickel, and zinc. These staple food items showed the greatest probabilities of heavy metal contamination in different phases of their production and marketing. Wide variations of metal concentrations were observed. Specifically, estimated daily intakes of arsenic and cadmium exceeded allowable daily intakes in all three food items. Toxicity scores of the metals were evaluated, and a comprehensive risk assessment was conducted to quantify the risks associated with the daily food consumption. Except for cadmium and lead in vegetables, all the contaminants present in each food item posed significant levels of carcinogenic risks up to 2.99 × 10-3 compared to the EPA recommended carcinogenic risk level of 1.0 × 10-6. Cadmium and arsenic intake due to rice consumption also posed unsafe levels of non-carcinogenic risks of 4.587 and 6.648, respectively, compared to the EPA recommended non-carcinogenic risk level of 1.0. Finally, a revised set of permissible limits was proposed for the heavy metals detected in the food items. Those permissible limits would ensure the risks associated with food consumption below the allowable carcinogenic and non-carcinogenic risk levels. Thus, this comprehensive approach would provide guidelines to formulate adequate control measures and regulatory limits of toxic metals in foods produced and marketed in Bangladesh.