China’s influence in South Asia has significantly grown over the years, and in particular Bangladeshi-Chinese relations are now robust and very comprehensive. This is in contrast to Bangladeshi-Indian relations, which are extremely uneven. While the latter are substantial and not totally negative, in comparison to Bangladeshi-Chinese relations they are riddled with controversies. How does one explain this contrast, especially when China lacks the historic-cultural advantages and linkages that India has with Bangladesh? The paper attempts to delineate the contrasting Bangladeshi perceptions vis–vis India and China and their underlying rationale and how the growing Bangladeshi-Chinese relations impact India’s security as well as its bilateral engagement with Bangladesh.