The hosts were 164-3 at stumps on the second day, still needing another 164 to avoid the follow-on, after West Indies declared on a mammoth 527-4 at tea, with Chanderpaul equalling his best Test score of 203 not out.
Chanderpaul and Denesh Ramdin, who remained unbeaten on 126, piled on the pressure for a clueless home team as they put on 296 in an unbroken fifth wicket stand -- a new record in Bangladesh-West Indies Tests.
When Bangladesh batted, paceman Ravi Rampaul struck in the fifth over when he had Junaid Siddique caught for seven. Rampaul also had Shahriar Nafees caught behind on 31.
Tamim Iqbal scored a fiery 71-ball 72, featuring ten fours and two sixes, before he became the third wicket to fall, caught off a miscued drive off paceman Darren Sammy.
Iqbal hit four boundaries off one Tino Best over and then smashed spinner Sunil Narine twice over the boundary, completing his fifty off just 38 balls.
At the close Naeem Islam (27) and Shakib Al Hasan (16) were at the crease.
The West Indies began a day dominated by Chanderpaul on 361-4.
The 38-year-old left-hander batted with composure to equal his highest Test score, made against South Africa at Georgetown in 2005.
Chanderpaul drove spinner Sohag Gazi towards point for two to complete his double ton. He took his helmet off to acknowledge the cheers from a small crowd and team-mates before bending down to kiss the ground.
In all he batted for 457 minutes, faced 372 balls and hit 22 fours.
Chanderpaul expressed pleasure at his double hundred.
"I didn't score too many so it's always pleasing to get past that landmark," said Chanderpaul, who also equalled Gary Sobers's mark of 26 hundreds -- the second most by a West Indian behind Brian Lara's 34.
"It's always a great honour to be up there with Sir Gary. I have played a lot more games than Sir Gary but it's always a great honour to be with him," said Chanderpaul of the former all-rounder who played 93 Tests to his 145.
Ramdin, 52 overnight, looked unperturbed in the company of his illustrious partner, reaching his century with a boundary and a flick for two off spinner Shakib Al Hasan.
He hit 11 boundaries and a six.
Debutant Gazi was the pick of bowlers with 3-145. Paceman Shahdat Hossain took the other wicket.
The second and final Test will be played in Khulna from November 21.