The presence of heavy metals and naturally occurring radioactive materials (NORMs) in high concentrations in soils can be hazardous to exposed humans. This study is aimed at measuring the concentrations of heavy metals (Cu, Pb, Ni, Zn, Cd, Co, and Cr) and activity concentration of 232Th, 238U, and 40K in soils affected by and around a solid waste dumpsite in Osogbo metropolis, Nigeria. Atomic absorption spectrometry and gamma-ray spectrometric techniques were used to determine the concentrations of metals and NORMs, respectively. Possible environmental impact of the heavy metal content and the probable radiological hazard by the NORMs to the general public were assessed. The calculated pollution indices reported in this work for Co, Cr, Pb, and Ni show low pollution status. Geoaccumulation indices for Cu, Zn, and Cd indicated that the area under study is strongly contaminated by these metals. Evaluated ecological risk index narrowed down Cd as the poisonous metal with high concentration. The measured radionuclides' mean activity concentrations and the evaluated mean of radium equivalent and absorbed dose rate values are higher than the recommended safe limit, an indication of possible radiological hazard. The principal factor analysis results explained 76% of the collection of data and described chips of galvanized/chrome metals, scrap metals, waste from electronics, Cr, and Cd-containing waste as sources of the heavy metals. The practice of land cultivation around the dumpsite should be deterred to prevent the transportation of these vicious heavy metals into the food chain.