Purchased a purse that has a warning label regarding potential lead content. should i return this item, specially since i have a toddler?

Better do: and as k your child's pediatrician in the next health maintenance visit about checking blood lead level if needed, as there is a routine questionnaire about possible lead exposure in the environment, wish you and your child wellness

Depends: Do you like the purse ? Can you keep it away from the toddler ? It is likely some of the decoration is tainted with a lead containing product.It is not a risk to you or your child unless the kid can access the purse and gnaw on the affected material. It doesn't contaminate your home/general environment. If you can reliably keep them apart and like the purse, enjoy it.