The chapter aims to analyze the legal and institutional framework for managing small-scale fisheries (SSF) in Bangladesh. It was found that the overarching institutional framework is embroidered with a paradoxical allocation of business, jurisdictional overlapping, conflict of interests, infirmed coordination and integration mechanism, and down and out fisheries governance. The legal framework is entangled with outworn, scattered, and segmented laws and widespread non-compliance. The existing legal and institutional framework is not well suited to establish SSF’s rights to natural and financial resources. The market chain is controlled by many intermediary groups, which causes a deprivation in income and increases inequality. The hegemony of commercial fishers sidelines SSFs. The chapter recommends the re-allocation of business of the Ministry of Fisheries and Livestock. Active participation of the SSF in governance and resource management is warranted to minimize common’s tragedy.