The Rohingya refugee crisis, a major humanitarian tragedy in contemporary global politics, has gradually precipitated major security challenges to Bangladesh and other states. This paper employs the Copenhagen School’s securitization theory to examine how securitization, especially by the Bangladeshi government and media, has framed these challenges as existential threats. It makes two basic contributions to existing literature on the Rohingya crisis. Firstly, it provides a theory-informed analysis of the security dimensions of the crisis, considering the interplay between the refugee crisis and national and regional security dynamics. Secondly, the paper explores how the refugees securitize their current plight. Empirically, the study utilizes interview data from 60 local residents, law enforcement agencies, and employees of local and international NGOs. The discussion suggests the possibilities and limitations of the securitization theory in the field of refugee or forced migration studies in the Global South.