The study examined the physicochemical parameters and trace metal contents of two boreholes in two different fish farms in Ikorodu. The samples were analyzed for pH, Turbidity, Electrical Conductivity, Total Dissolved Solids, Total Hardness, Total Suspended Solid, Total Alkalinity, Nitrates, Sulphates, Flourides, Phosphates, Residual Chlorine, Dissolve Oxygen, Biological Oxygen Demand (BOD), Chemical Oxygen Demand (COD) and Trace Metals like: Calcium, Magnesium, Sodium, Potassium, Zinc, Copper, Manganese, Iron, Nickel, Cobalt, Cadmium, Arsenic, Silver, Mercury, Lead, Chromium. were analyzed using Ultraviolent (UV) Spectrometer. The result obtained was compared with the World Health Organization (WHO) standard for drinking water. For sample A: pH value 5.5, Turbidity value 0.3 NTU and Sample B: pH value 4.2 and Turbidity value 0.2 NTU all fall below WHO permissible standard of 6.5 - 8.5 for pH and 5 NTU for turbidity. Trace metals such as Magnesium, Potassium, Zinc, Aluminum, cobalt, Arsenic and Mercury are not detected in the water samples while Calcium, Sodium, Copper, Manganese, Iron, Nickel, Cadmium, Silver, Lead and Chromium was detected in the analyzed samples using UV spectrophotometer. The result obtained was unsatisfactory when compared with World Health Organization (WHO) standard.