A Thulium/Holmium co-doped fiber laser with high-energy noise-like rectangular pulses at the central wavelength of 1985 nm is experimentally demonstrated. The experimental setup is based on a 298-m long nonlinear optical loop mirror. By varying the pump power from 3 to 10 W, the noise-like rectangular pulse width can be tuned from 2.8 to 15.2 ns, respectively, and under a maximum pump power of 10 W, 1.45 W of average output power is obtained. The pulse repetition rate is 671 kHz. Consequently, highly energetic optical pulses with 2.16 µJ pulse energy and an estimated peak power of 142 W are achieved. To the best of our knowledge, these pulses, which are generated directly from the laser cavity, possess the highest average output power and pulse energy for noise-like pulse emission in the near 2 µm wavelength region. The proposed laser source has the most straightforward all-fiber cavity design that has been proposed for generating high-energy noise-like rectangular pulses, and as such has potential applications in scientific research and as a pump source for mid-infrared supercontinuum generation.