Ambient particulate matter (PM) is composed of inorganic and organic components. The contribution of each component is impacted by various factors such as emission sources, atmospheric aging process, and size of the PM or droplets. This study mainly focuses on the effect of the PM and droplet size on trace elemental concentrations, for which various size fractions of ambient PM (PM1, PM2.5) were collected on quartz filters along with fog water (FW) samples during winter. Simultaneous, online measurements of the mass concentrations of PM1 and PM2.5 were also carried out. At the time of the collection, the mass concentration of PM2.5 ranged from 19 to 890 μg/m3, and its mean value was 227 μg/m3. During the sampling period, 17 fog events occurred and caused a 27% reduction in the mean pre-fog PM2.5 concentration. All the PM and FW samples were analyzed for 12 trace elements: Ca, Cr, Cu, Fe, K, Mg, Mn, Na, Ni, Pb, Zn, V. The concentrations of the various trace elements in the PM1, PM2.5, and FW samples encompassed a wide range: 10 (V)–2432 (Na) ng/m3, 34 (Mn)–13810 (Na) ng/m3, and 8 (Cr)–19870 (Ca) μg/l, respectively. The concentrations of the trace elements in the FW samples indicated a droplet-size-dependent trend: the small droplets (diameter <16 μm) had several times (3–10 times) higher concentrations than the coarser droplets (diameter >22 μm). The enrichment factor (EF) analysis revealed that the EF values for almost all the trace elements were an order of magnitude higher in the FW samples than in PM1 and PM2.5. Risk assessment based on toxic elements suggested a very high inhalation carcinogenic risk (231 per million) for the exposed population during foggy periods. This study will facilitate decision-making by policymakers regarding air quality and health concerns.