We used a freshwater gastropod, Lymnaea palustris, in chronic bioassays to assess the toxicity of an industrial effluent containing high levels of metals, particularly Cr, Zn, and Fe. Adult snails were exposed for four weeks to different concentrations of effluent sampled at three successive treatment steps (crude effluent, effluent after physicochemical treatment, and after biological treatment). Dose-dependent responses reflecting exposure (metal bioaccumulation) and effects on survival, fecundity, and malondialdehyde production (a proxy for oxidative stress) were investigated. We found that Cr and Zn were accumulated in snail tissues, whereas Fe was regulated. Body concentrations of Cr and Zn decreased along the effluent-treatment gradient, particularly after the physicochemical treatment. For controls versus treatments, no effect on malondialdehyde production was detected. Significant effects were noted for fecundity. The number of eggs per individual decreased for snails exposed to 20, 30, and 40% concentrations of physicochemically treated effluent and for snails exposed to an 80% concentration of the biologically treated effluent. A hormetic effect on the number of eggs per individual was observed for snails exposed to 10 and 20% concentrations of the effluent that had been biologically treated. Deleterious effects of the effluent on L. palustris fecundity were not correlated with high internal concentrations of metals in the snails, suggesting that toxicity resulted from other factors.