This study addresses five research questions about the nature of aquaculture development in Bangladesh. The questions are designed to test central narratives from the literature on aquaculture, poverty and food security, and to broaden the scope of debate beyond them An integrated quantitative-qualitative survey was conducted in six communities with contrasting patterns of aquaculture development. Data was collected from a representative cross section of village residents to gain insights into the impacts of aquaculture development at the local level, using a structured household survey (578 respondents) and in-depth interviews (165 informants). This approach generated many findings that contradict or add nuance to conventional understandings of aquaculture development. This study represents the most complete attempt to date to analyze the multidimensional relationships among aquaculture development, poverty and food security in Bangladesh. It also attempts to broaden analysis beyond these conventional indicators to address subjective and relational dimensions of well-being.