An increase in road traffic has led to an increase in the emission of heavy metals into the environment. This study aimed to evaluate the health risks linked with heavy metals present in Suspended Particulate Matter at Surathkal Toll Plaza, located in Karnataka, India, during the period September 2022 and January 2023. The investigation was conducted in two distinct phases: one during the operational period of the toll plaza (Phase 1) and the other during its inactive state (Phase 2). Using ICP-OES, the study identified nine heavy metals, namely Cr, As, Ba, Pb, Cu, Mn, Ni, Zn, and Se. Hazard Quotient (HQ) values were computed to assess the non-carcinogenic effects, while Excess Lifetime Cancer Risk (ELCR) was determined for carcinogenic elements such as As, Pb, Ni, and Cr, separately for adults and children, following the methodology outlined by USEPA. Among the identified heavy metals, Ba exhibited the highest concentration during both phases, followed by Zn, Mn, Cr, Se, Ni, Cu, Pb, and As during Phase 1, and Zn, Mn, Pb, Cu, Ni, Cr, As, and Se during Phase 2. The health risk assessment revealed a decrease in HQ values for all heavy metals during Phase 2. ELCR was observed to be higher for adults in both phases, with the highest risk observed during phase 1. Notably, Mn and Cr posed the highest non-carcinogenic and carcinogenic risks, respectively, during both phases. The integrated non-carcinogenic and carcinogenic risks (for both adults and children) were found to be 4.5 and 0.78, respectively, in Phase 1, and 1.26 and 0.024, respectively, in Phase 2. These findings underscore the importance of addressing both non-carcinogenic and carcinogenic risks linked with heavy metals for individuals of different age groups.