EFL (English as a foreign language) learners' demotivation has not yet received adequate research attention in the third world countries. This paper reports on a study that was carried out to explore students' and teachers' perceptions of the sources of learners' demotivation to study English as a school subject at higher secondary (HS) level (grade 11 and 12) in Bangladesh. To collect qualitative data from HS students and teachers two interview guides were developed based on the identified EFL demotivation factors in a study (Quadir, 2017) conducted in the educational context of Bangladesh. 30 HS level students and 17 English teachers of five different institutions were interviewed to understand their perspectives of sources of learners' 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. Acute gaps were identified in their perceptions of (a) English teachers' instructional style and behavior, (b) private tutoring, and (c) attitude towards English, and (d) students' past experiences. The other perceptions appeared to be less divergent. These insights have implications for education policy makers, curriculum developers, EFL students, and most importantly for EFL teachers' pedagogical preparations.