Market activities emit pollutants that have deleterious impacts on human health and the environment. This study assessed various sizes of ambient particulate matter (PM) and the distribution of potentially toxic elements (PTEs) in deposited particulates within some major marketplaces in Ilorin, Nigeria. Particulates fractions were measured at ten (10) foremost markets (MP1–MP10). PTEs in the deposited particulates were analyzed using Atomic Absorption Spectrophotometer (AAS). The health and ecological risks of PTEs were evaluated for adults and children. The Life Cancer Risk (LCR) for Pb was the most prevalent of the carcinogenic PTEs detected in all the markets studied, with the highest risks at MP1 for adults (3.45E-04) and children (3.22E-03). The LCR values obtained for Pb surpassed the statutory allowable baseline set by USEPA. The Hazard Index (HI) obtained was within the safe limit in most markets except for Pb which recorded HI > 1 at MP1, MP3, MP6, MP7, and MP10 with values of 3.29, 1.10, 1.10, 2.74 and 1.28, respectively for children, indicating unacceptable non-carcinogenic risk. Estimation of Potential Ecological Risk Index (RI) indicated low to moderate threat in the polluted dust of markets with MP4 bringing the highest risk concerning Cd (100) and Cu (70), both contributing 77% of total ecological risks (ERs) of the PTEs.