According to the concept of circular economy, insects represent good candidates as aquafeed ingredients. Nevertheless, there are some potential chemical risks linked with insect consumption. In this study, we reared the teleost Danio rerio, used as an experimental model, with five experimental diets characterized by increasing levels (0%, 25%, 50%, 75%, and 100%) of full-fat Hermetia illucens (Hi) prepupae, substituting for fish meal (FM) and fish oil (FO). We investigated the presence of potentially toxic elements (PTEs) Cd, Pb, Ni, As, and Hg in larval (20 days), juvenile (2 months), and adult (6 months) fish. Quantitative determinations of Cd, Pb, Ni, and As were made with an atomic absorption spectrometer; the total mercury content was determined by a direct mercury analyzer. The substitution of FM and FO with Hermetia illucens meal led to a reduction in the content of some PTEs, such as Pb, As, and Ni, in fishfeed, leading to concentrations below the legal limit of undesirable substances in animal feed. By increasing the Hi meal dietary content, we observed in the Danio rerio specimens an increase in Cd, Pb, and Ni content and a reduction in As content for all life stages. Moreover, a general increase in the content of Cd, Pb, Hg, and Ni from larvae to juvenile was measured, while the shift of Danio rerio from the juvenile to the adult stage involved a significant increase in the content of Pb, Hg, and Ni. Larvae had a reduced ability to bioaccumulate metal(loid)s compared to juveniles and adults. In conclusion, the content of PTEs in Danio rerio is influenced both by the type of diet administered and by the life stage of the animal itself. This research demonstrates the possibility of using Hi prepupae as an aquafeed ingredient without exposing fish to a chemical risk and, in perspective, allows applying these eco-sustainable diets for the breeding of edible fish species, without endangering human health.