This pioneering study investigates the distribution of naturally occurring radioactive materials in 32 soil samples collected from the Mongla Export Processing Zone (EPZ), an industrial area in Bagerhat, Bangladesh, home to diverse industries such as oil installations, Liquefied Petroleum Gas (LPG) plants, cement and ceramic industries. The activity concentrations of 226Ra, 232Th, and 40K, measured using high-purity germanium (HPGe) gamma-ray spectrometry, ranges of 35 ± 3–65 ± 6, 47 ± 4–79 ± 7, and 450 ± 40–810 ± 76 Bqkg−1, respectively, exceeding global averages. These elevated concentrations are likely influenced by both natural geological factors and industrial activities in the region. Comprehensive statistical analyses, including Pearson correlation, cluster analysis (CA), and principal component analysis (PCA), identify 226Ra and 232Th as the primary contributors to radiological hazards. Although radium equivalent activity, external and internal hazard indices remain within safety limits, other radiological parameters, such as absorbed dose rate and annual effective dose, exceed recommended thresholds, signaling potential health risks. The findings suggest that the soil in Mongla EPZ is unsuitable for agricultural or construction purposes, as prolonged exposure could pose significant health risks. Moreover, the proximity to the Sundarbans, a United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage site, raises concerns about the potential impact on the local ecosystem. Continuous monitoring, stricter regulations, and enhanced environmental protection efforts are essential to mitigate radiological risks and safeguard both human health and the environment.