This study assessed the health risk associated with exposure to heavy metals through consumption of milk from cows reared around industrial areas in India. Heavy metals, namely Cu, Zn, Cr, Pb, and Cd, were determined in water and forage from four locations as well as in milk produced by dairy cattle raised in these locations, using inductively coupled plasma-mass spectrometry. A quantitative risk assessment using probabilistic approaches was performed to assess the exposure of adults and children to the heavy metals via milk consumption. In milk samples, the highest levels of Cd and Pb were 0.18 mg L−1 and 0.37 mg L−1, respectively, which were above the international permissible levels. Possible sources of Pb in the milk could be the industrial by-products and wastes or automobiles exhaust gas. Significant (P < 0.05) positive relationships were found between the concentration of Cu, Cr, Pb, and Cd in milk and in the environmental samples (water or forage). Exposure assessment showed that milk consumers were mostly exposed to Zn, Cd, and Pb, with 63.7%, 51.2%, and 41.2% of children exposed to a dose greater than the references dose for these metals, respectively. Our results suggest that industrial activities lead to possible transfer of heavy metals to cows from their rearing environment (water, plant), which can be accumulated and cause potential health risks to milk consumers. The outcome of this study can be used by policy makers to manage the potential health risk.