A study was conducted to measure ambient concentrations of PM10 and PM10-bound PAHs to estimate health risks due to exposure to PAHs during wait times at bus stops in September 2012 and March 2014. Samples were collected by personal exposure monitors at Balitai and Haiguangsi bus stops in Tianjin, China. The equivalent concentration of benzo[a]pyrene (BaPeq) was used to estimate the health risks of PAHs in PM10 inhaled by passengers waiting at these bus stops. The results showed the average PM10 level was higher in autumn (non-heating season) compared to spring (heating season) (307 ± 67 µg m–3 vs. 226 ± 100 µg m–3). When averaged over the two bus stops, concentrations of total PAHs in PM10 were much higher during spring compared to autumn (417 vs. 193 ng m–3), while BaPeq was slightly lower during spring (29.7 vs. 32.8 ng m–3). The incremental lifetime cancer risks (ILCR) at the two bus stops, Balitai and Haiguangsi, in spring were 9.0 × 10–8 and 4.5 × 10–8, and in autumn were 1.1 × 10–7 and 7.7 × 10–8, respectively. All these risk values were lower than the acceptable risk range of 10–6–10–4 approved by US Environmental Protection Agency.