The deleterious health effects of thoracic fractions seem to be more related to the chemical composition of the particles than to their mass concentration. The presence of hazardous materials in PM10 (e.g., heavy metals and metalloids) causes risks to human health. In this study, twelve trace elements (Cd, Cr, Pb, Zn, Cu, Ni, Sn, Ba, Co, As, V, and Sb) in 315 samples of ambient PM10 were analyzed. The samples were collected at an urban background site in a Latin American megacity (Bogota, Colombia) for one year. The concentrations and temporal variabilities of these elements were examined. According to the results, Cu (52 ng/m3), Zn (44 ng/m3), Pb (25 ng/m3), and Ba (20 ng/m3) were the traces with the highest concentrations, particularly during the dry season (January to March), which was characterized by barbecue (BBQ) charcoal combustion and forest fires. In addition, the differences between the results of weekdays and weekends were identified. The determined enrichment factor (EF) indicated that Zn, Pb, Sn, Cu, Cd, and Sb mainly originated from anthropogenic sources. Moreover, a speciation analysis of inorganic Sb (EF > 300) was conducted, which revealed that Sb(V) was the main Sb species in the PM10 samples (>80%). Six causes for the hazardous elements were identified based on the positive matrix factorization (PMF) model: fossil fuel combustion and forest fires (60%), road dust (19%), traffic-related emissions (9%), copper smelting (8%), the iron and steel industry (2%), and an unidentified industrial sector (2%). Furthermore, a health risk assessment of the carcinogenic elements was performed. Accordingly, the cancer risk of inhalation exposure to Co, Ni, As, Cd, Sb(III), and Pb was negligible for children and adults at the sampling site. For adults, the adjusted Cr(VI) level was slightly higher than the minimal acceptable risk level during the study period (1.4 × 10−6).