This article deals with assessment of the potential health risk posed by carcinogenic and non-carcinogenic substances, namely lead (Pb), cadmium (Cd), copper, chromium (CrVI), zinc, nickel and mercury, present in e-waste. A multi-objective, multi-stakeholder approach based on strategic game theory model has been developed considering cost, as well as human health risk. The trade-off due to cost difference between a hazardous substances-free (HSF) and a hazardous substance (HS)-containing desktop computer, and the risk posed by them at the time of disposal, has been analyzed. The cancer risk due to dust inhalation for workers at a recycling site in Bangalore for Pb, Cr(VI) and Cd was found to be 4, 33 and 101 in 1 million respectively. Pb and Cr(VI) result in a very high risk owing to dust ingestion at slums near the recycling site—175 and 81 in 1 million for children, and 24 and 11 in 1 million for adults respectively. The concentration of Pb at a battery workshop in Mayapuri, Delhi (hazard quotient = 3.178) was found to pose adverse health hazards. The government may impose an appropriate penalty on the land disposal of computer waste and/or may give an incentive to manufacturer for producing HSF computers through, for example, relaxing taxes, but there should be no such incentive for manufacturing HS-containing computers.