The impacts of heavy metal pollution in arable soil on agricultural production, environmental health, and the wellbeing of urban and rural residents cannot be overlooked. It has become a significant bottleneck in achieving comprehensive rural revitalization. To accurately grasp the characteristics of heavy metal pollution in suburban cultivated soil, Tangwang Village (a suburb of Huainan City) was subjected to scrutiny. The contents of heavy metals (Hg, Cu, Hg, As, Pb, Cr, Cd, and Zn) in the topsoil of cultivated land in this area were detected, and their spatial distribution characteristics were analyzed using inverse distance spatial interpolation. (1) After conducting a comprehensive analysis and thorough examination of the PMF model sources, it was determined that Cu, Cd, and Zn exhibit a direct correlation with agricultural practices, collectively contributing to a cumulative percentage of 21.10%. Meanwhile, Cr is derived from a combination of sources, including both natural parent materials and human activities, accounting for a total proportion of 24.45%. Notably, lead emissions from automobile exhausts constitute a significant source, while arsenic is primarily associated with dispersed factories and their respective operations, contributing to respective proportions of 36.38% and 18.07%. It is evident that agricultural practices, transportation, and industrial activities are the main reasons for heavy metal pollution in arable soil. (2) The evaluation of geological accumulation indicators reveals that the level of soil arsenic accumulation pollution is mild to moderate (1.199). On the other hand, the cumulative pollution level of Cd, Hg, Cr, and Cu was relatively low (0.462→0.186), whereas the levels of Pb and Zn were below the threshold. (3) The assessment of the ecological risk index revealed that the predominant elements posing potential ecological risks in the investigated region were Hg, As, and Cd, with average Ei values of E(Hg) = 86.81, E(As) = 80.67, and E(Cd) = 67.83, respectively. (4) The human health risk assessment revealed significant differences in the single non-carcinogenic risk values of heavy metals generated by different exposure pathways, with oral ingestion > dermal contact > oral nasal inhalation. Children were more susceptible to the toxic effects of heavy metals compared to adults. Both As and Cr caused an increased risk of cancer in both children and adults, which is a matter of great concern. The results of this study contribute to a more accurate description of the sources of heavy metals in farmland soil. This study indicates that the application of PMF for soil source analysis yields clear results that can be further applied. This research also has potential policy significance as it can help to improve the sustainability of ecosystems by coordinating both environmental and human activities.