Assessment of seasonal changes in surface water quality is an important aspect for evaluating temporal variations of lentic ecosystem (lakes and reservoirs) pollution due to industrial effluent discharge. In this study, nine metals and 15 physicochemical parameters, collected from four sampling sites in a tropical lake receiving the discharge from thermal power plant, coal mine, and chloralkali industry, during the years from 2004 to 2005, were analyzed. For greater efficacy in monitoring of heavy metals, particle-induced X-ray emission has been used during present investigation. Different statistical techniques like analysis of variance, Pearson correlation, principal component analysis, and factor analysis were employed to evaluate the seasonal correlations of physicochemical parameters. Most of the metals and physicochemical parameters monitored in the present study exhibited high spatial and temporal variability. Pertaining to metal pollution, the most polluted site was Belwadah, i.e., waters and sediments had the highest concentration of all the relevant metals. The reference site was characterized by the presence of low concentrations of metals in waters and in sediments. Based on the high metal concentration recorded in lake ambient, drinking, bathing, and irrigation water should not be used by the local people at the effluent discharge points.