Owode, a sprawling water catchment area better known for its commercial activities in metal and iron casting and fabrication, is located off the Lagos Lagoon and the Ajuwon River, in Lagos State. The extensive iron and steel work along with seasonal flooding of the area and the habits of the people in this area is considered a threat to its groundwater integrity. Samples designated SW1, SW2, and SW3 for stream water WW1, WW2, and WW3 for well water and BH1, BH2, and BH3 for samples collected from boreholes were collected and analyzed to determine the presence of certain physicochemical elements and heavy metals. Including pH, EC, TDS, DO, SO42-, Cl, NO3-, and PO43-. Heavy metals analyzed include Fe, Pb, Zn, Cu, Cr, Cd, and Mn. The findings showed that while a number of parameters when compared with the WHO and NADWQ stipulated maximum acceptable concentration fell within acceptable limits, others especially the heavy metals had trace elevations above the maximum acceptable levels which if not checked could have serious future groundwater contamination implications.