The elasmobranch population is declining in the Bay of Bengal of Bangladesh due to large-mesh gill net fishing, locally known as the Lakkha net, which primarily targets Indian threadfin (Leptomelanosoma indicum). This study was the first attempt to identify megafaunal bycatch in Lakkha fishing and assess its vulnerability using Productivity Susceptibility Analysis. A total of 40 elasmobranch bycatch species were identified, with sharks comprising 13 species from three families, while 27 rays belonged to six families, with the majority belonging to the Myliobatiformes order (60 %). Productivity and susceptibility scores were assigned to all identified species, with values ranging from 1.27 to 2.73 and 1.50 to 2.63, respectively. The target Lakkha fish exhibited the highest susceptibility score, followed by several pelagic sharks and eagle rays. Vulnerability assessment revealed that 31.7 % (n = 13) of species were highly vulnerable, while 43.9 % (n = 18) were classified as moderate, and 24.4 % (n = 10) were considered to have low vulnerability. All the high-risk megafauna species (n = 13) are classified as threatened by the global IUCN Red List. Sensitivity analysis highlighted susceptibility as a major contributor to species’ vulnerability. Alterations in susceptibility scores led to significant changes in the vulnerability status of many species. The overall data quality assessment indicated moderate data quality across species, with variability observed between productivity (76 % of species received a poor data quality score) and susceptibility attributes. However, vulnerability of these species can be reduced through adequate gear modification, shorter net deployment periods, adoption of safe discharge techniques, identification of critical habitats, and establishment of marine protected areas within this region. This study provides valuable insights into the species composition and vulnerability of elasmobranchs in the Lakkha gill net fishery, emphasizing the need for conservation measures to mitigate bycatch impacts on threatened species.