Sediment cores were collected from 20 lakes from the Muskoka region of Ontario, Canada, to study vertical changes in trace metal concentrations with depth and the distribution of metals amongst humic material, amorphous and crystalline Fe and Mn oxides, insoluble organics/sulphides, and silicates. Based on their total concentrations, trace elements displayed different degrees of affinity for the organic fraction (represented by organic C) and the mineral fraction (represented by Al). Certain elements (Hg, As, Sb, Pb, Cd, and Zn) displayed a positive correlation with organic C, a negative correlation with Al, and enrichment in surface sediments (with enrichment factors ranging from 2 to 24). Detailed speciation studies revealed that these elements were associated mainly with humic material and to a lesser extent with oxides in surface sediments. Other elements (Al, Cr, Co, Fe, and Mn) displayed a negative correlation with organic C, a positive correlation with Al, and no consistent enrichment in their total concentration at the surface. The speciation study revealed that metals of the latter group were mainly associated with the silicate fraction in both surface and deep sediments. This study shows that relative affinities for organic and mineral fractions play an important role in the distribution of trace metals during burial and diagenesis, and hence in the shape of their vertical profiles.