Aims: Helicobacter pylori (H. pylori) is the primary causative agent of peptic ulcers in multiple developing countries, including Bangladesh. This study was designed to investigate the diagnostic value of a rapid immunochromatography-based H. pylori stool antigen (HpSAg) test to screen for H. pylori infection in a Bangladeshi population. Methodology and results: A total of 140 suspected peptic ulcer patients who underwent an upper gastrointestinal endoscopy at Chittagong Medical College and Hospital, Chattogram, Bangladesh were included in the study. A histopathology, rapid urease test (RUT), and microscopic examination of the stained smears were conducted to define the H. pylori-positive cases. Later, a stool antigen detection test was performed for the H. pylori-positive status group, the H. pylori-negative status group, the indeterminate status group, and the healthy controls. Out of the 140 suspected peptic ulcer patients, 75 (53.6%) patients were confirmed to have peptic ulcers or erosions. Although the proportion of antral erosion was 57.4% in patients who were under 40 years old, it decreased to 23.4% in patients over 40 years old. Patients over 40 years of age mostly suffered from pyloric erosion (42.9%). All peptic ulcer patients were also positive according to the histopathological analysis. However, microscopic grading of the curved bacilli and RUT were found among 93.3% (70/75) and 89.3% (67/75) patients who were positive, respectively. In our study, high sensitivity (95%), specificity (80%), and diagnostic accuracy (91%) scores for the HpSAg assay were obtained. Conclusions, significance, and impact of the studies: The HpSAg test, as a comparatively less sophisticated assay, can be efficient at detecting the presence of H. pylori pre- and post-therapy, and it provides more valid test results than other invasive test methods.