Although fish are often recommended as a component of a healthy diet, the environmental accumulation of heavy metals in many fish species has been of considerable concern for those weighing the nutritional health benefits against adverse toxic outcome of excess intake of toxic metals. This study aimed to determine the concentration of essential and toxic metals in the tissues of Catla catla in Mangla Lake and to assess the possible risk to the consumers. Fifty samples of Catla catla were collected from Mangla Lake, Mirpur, Azad Jammu and Kashmir, Pakistan and analyzed for eighteen metals including essential and trace metals. The measured range concentrations (µg/g, wet weight) in muscle tissues, in decreasing order, were: K (955–1632), Ca (550–2081), Na (449–896), Mg (129–312), Zn (61.2–215), Fe (11.6–26.8), Sr (2.60–9.27), Pb (1.72–7.81), Se (1.55–3.55), Co (0.12–4.08), Mn (1.04–4.33), Ni (0.69–3.06), Cu (0.88–2.78), Cr (0.45–1.88), As (0.67–1.58), Cd (0.28–0.56), Hg (0.17–0.57) and Li (0.12–0.38). The metal concentrations found in this study were comparatively higher than those reported in literature. A majority of the metals exhibited higher accumulation in gills compared with those in scales and muscles. Mean levels of Pb, As, Co, Mn, Cd, Cr and Zn in Catla catla muscle were found to be exceeding the international permissible limits for the safe human consumption. The condition factor (K), as an indicator of fish health status, indicated that Catla catla of Mangla Lake are in good health condition. The metal pollution index (MPI) of gills (27.9), scales (12.5) and muscle (7.57) indicated low contamination. Moreover, human health risk was evaluated using estimated weekly intake (EWI) and daily intake (EDI), target hazard quotient (THQ), hazard index (HI) and target cancer risk (TCR). Estimated weekly and daily intake values for As, Cd, Cr, Hg, Ni and Pb were higher than provisional permissible tolerable weekly intake and permissible tolerable daily intake while THQ for As, Cd, Cr, Hg, Pb, Se and Zn was higher than 1. The THQ for As, Hg and Pb was several folds higher than 1, indicative of lifetime non-carcinogenic health risks to the consumers. The hazard index indicated cumulative risk, which greatly increased with increasing fish consumption. Target cancer risk indicated that the people eating the Catla catla from Mangla Lake were exposed to As, Cd, Cr, Ni and Pb with a significant lifetime carcinogenic risk. In summary, consumption of Catla catla from this lake was found to be associated with an increased lifetime risk to the general health of the consumers.