Aquaculture has long been promoted by development institutions in Bangladesh on the under-standing that it can alleviate poverty. Most of this attention has focused on forms of the activity commonly referred to as ‘small-scale’. This article draws on concepts from the literature on agricultural growth and elaborates a typology of aquaculture based on relations of production which suggests that, in Bangladesh, quasi-capitalist forms of aquaculture may possess greater potential to reduce poverty and enhance food security than the quasi-peasant modes of production generally assumed to do so. The implications of this conclusion are explored.