The present study measured concentrations of Cr, Ni, Cu, Zn, As, Cd, Sb, and Pb in surface sediments and two benthic invertebrate species (Anodonta woodiana and Bellamya aeruginosa) collected from Dianshan Lake, located in the Yangtze River Delta. The Dianshan Lake acts as one of the most important drinking water sources to Shanghai, the biggest city in China. Concentrations of trace metals and metalloids ranged from 0.04 mg/kg for Cd to 288.0 mg/kg for Zn. Substantial bioaccumulation in invertebrates was observed for Zn and Cu based on the biota-sediment accumulation factor (BSAF) measurements. The results revealed that concentrations of metals and metalloids in sediments from Dianshan Lake were at the lower end of the range of levels found in other regions of China. The assessment of three significantly inter-related evaluation indices, including the geo-accumulation Index (I-geo), potential ecological risk factor (Er-i), and mean probable effect concentration quotients (Q(m-PEC)), suggested that sediment-associated trace elements exhibited no considerable ecological risks in the studied watershed. However, the target hazard quotient and hazard index analysis suggested that selected elements (particularly As) accumulation in edible tissues of benthic invertebrates could pose potential health risks to local populations, especially fishermen. Given that wild aquatic organisms (e.g., fish and bivalves) constitute the diet of local populations as popular food/protein choices, further investigations are needed to better elucidate human health risks from metal and metalloid exposure via edible freshwater organisms.