In this paper we aim to model the organization and processing of Bangla polymorphemic words in the mental lexicon. Our objective is to determine whether the mental lexicon accesses a polymorphemic word as a whole or decomposes the word into its constituent morphemes and then recognize them accordingly. To address this issue, we adopted two different strategies. First, we conduct a masked priming experiment over native speakers. Analysis of reaction time (RT) and error rates indicates that in general, morphologically derived words are accessed via decomposition process. Next, based on the collected RT data we have developed a computational model that can explain the processing phenomena of the access and representation of Bangla derivationally suffixed words. In order to do so, we first explored the individual roles of different linguistic features of a Bangla morphologically complex word and observed that processing of Bangla morphologically complex words depends upon several factors like, the base and surface word frequency, suffix type/token ratio, suffix family size and suffix productivity. Accordingly, we have proposed different feature models. Finally, we combine these feature models together and came up with a new model that takes the advantage of the individual feature models and successfully explain the processing phenomena of most of the Bangla morphologically derived words. Our proposed model shows an accuracy of around 80% which outperforms the other related frequency models.