This paper reports on a study that was conducted to explore students’ and teachers’ perceptions of the sources of learner demotivation to study English as a school subject at higher secondary (HS) level (grade 11 and 12) in Bangladesh. 30 HS level students and 17 English teachers from five different institutions were interviewed to understand their perspectives of sources of EFL learner demotivation. The collected data was analyzed following Miles and Huberman’s (1994) procedure of qualitative data analysis. A number of discrepancies between HS students’ and English teachers’ perceptions were identified. Extreme gaps were identified in their perceptions of (a) English teachers’ instructional style and behavior, (b) private tutoring, (c) attitude towards English, and (d) students’ past experiences. The other perceptions appeared to be less acute. These findings have implications for education policy-makers, curriculum developers, EFL students, and most importantly for EFL teachers’ pedagogical preparations.