This study was conducted to determine the quality of fish sold in local markets of Lahore district, Pakistan and identify the potential health risks posed to consumers. Samples (54) of five different fish species: Labeo rohita (n=14), Cirrhinus mrigala (n=3), Orochromis niloticus (n=17), Wallago attu (n=3), and Rita rita (17) were randomly collected from the markets situated in four different zones of Lahore to determine their chemical, microbial and sensory quality. Absence of formaldehyde in the water rinsed from the surface of the fish samples ruled out the possibility of fish adulteration with this toxic preservative. Natural level of formaldehyde was greater than the permissible limit of 5 mg·kg^-1 in 3.70% of the fish samples and varied from 1.73 ± 0.23mg·kg^-1 in O. niloticus to 2.43 ± 0.37mg·kg^-1 in R. rita. Content of total volatile basic nitrogen (TVB-N) was higher than the permissible limit of 25 mg·100 g^-1 in 64.82% of the fish samples. Highest TVB-N content was found in L. rohita (36.09 ± 3.78 mg·100 g^-1) while samples of C. mrigala showed the lowest content (26.30 ± 2.06 mg·100 g^-1). Fish samples collected from Allama Iqbal Zone showed maximum TVB-N content followed by Data Ganj Baksh, Allama Iqbal and Wahga Zones. Highest total plate count (30.93x 10³ ± 13.53 x 10³ cfu·g^-1) was recorded for samples of O. niloticus closely followed by C. mrigala, R. rita and W. attu. Total coliform and fecal coliform were higher than the permissible limit in 7.4% and 14.8% fish samples respectively. Total Quality Index of all the fish samples was higher than the borderline score of 12. In conclusion there is no possibility of fish adulteration with formaldehyde in the study area.Nevertheless, the high levels of chemical spoilage indicators and microbial contamination in a significant proportion of samples indicate poor hygienic handling of commercially available fish. Targeted training, enhanced hygiene, strict food safety enforcement, and regular monitoring are urgently needed in the fish supply chain to protect consumer health.