The present study, some heavy metals (Cd, Cr, Cu, Fe, Zn and Pb) were determined in water, sediment and some tissues of Parachanna obscura, Cardisoma amarantum, Peanus monodon and Helix aspersa from Ologe Lagoon which is situated in the Agbara Industrial Estate section of Lagos State, Nigeria. This is important because it is open to surrounding industries which deposit their wastes into it. The samplings of the specimens and water matrix were done as describe by American Public Health Association procedure. The samples after treatment were taken to the laboratory for the determination of heavy metal levels in water, sediment and organisms samples by Atomic Absorption Spectrophotometer (AAS) as described by American Public Health Association. The obtained results showed that the average values Alkalinity, BOD Dissolved Oxygen and Fe in water samples were higher than the recommended values for fresh water as stated by W.H.O. Results for levels in water were compared with national and international water quality guidelines. The analysis of heavy metals in sediments indicated that among the six heavy metals tested Fe was maximally accumulated, followed by Zn Cu, Cr, Pb and Cd. The organisms showed bioaccumulation in the following pattern: Fe > Zn > Cu > Cr > Cd > Pb. In the Crab samples, cadmium, chromium, nickel and lead concentrations exceeded the tolerable values provided by international institutions. (Maximum values; Fe - 874.00 mg/g, Cu – 1.71 mg/kg, Pb – 0.02mg/kg, Cd – 0.01mg/kg, Zn – 13.78 mg/kg) and minimum bioaccumulation was recorded in the fish fry (Fe - 135.1mg/kg, Cu 0.45mg/kg, Cr 0.02mg/g, Pb 0.01mg/kg, Cd – 0.01mg/kg, Zn – 3.85mg/kg). The values recorded in this study revealed that apart from Cd, Cr, Pb and Cu the Fe and Zn were present in proportions that calls for concern. And for the rest left, even if their concentrations are not in worrying amounts now, over time the continuous intake into the body of living organisms would result in bio-accumulation of these metals and this may have injurious long term effects on both the environment and the organisms. In light of this study it is reasonable to deduce that fish obtained from Ologe Lagoon is unsafe if it is to be eaten by humans. Baring this discovery, appropriate agencies should be called into action to check these substances as soon as possible.