In this report, we proposed and simulated a new planar nonlinear rectifying device fabricated using InGaAs substrate and referred to as a planar barrier diode (PBD). Using an asymmetrical inverse-arrowhead-shaped structure between the electrodes, a nonuniform depletion region is developed, which creates a triangular energy barrier in the conducting channel. This barrier is voltage dependent and can be controlled by the applied voltage across the PBD, thus resulting in nonlinear diode-like current-voltage characteristics; thus it can be used as a rectifying device. The PBD's working principle is explained using thermionic emission theory. Furthermore, by varying the PBD's geometric design, the asymmetry of the current-voltage characteristics can be optimized to realize superior rectification performance. By employing the optimized structural parameters, the obtained cut-off frequency of the device was approximately 270 GHz with a curvature coefficient peak of 14 V %1 at a low DC bias voltage of 50 mV.