High frequency screening of populations has been proposed as a strategy in facilitating control of the COVID-19 pandemic. Here we use computational modeling, coupled with clinical data from a rapid antigen test, to predict the impact of frequent rapid testing on COVID-19 spread and outcomes. Using patient nasopharyngeal swab specimens, we demonstrate that the sensitivity and specificity of the rapid antigen test compared to quantitative real-time polymerase chain reaction (qRT-PCR) are 84.7% and 85.7%, respectively; moreover, sensitivity correlates directly with viral load. Based on COVID-19 data from three regions in the United States and Sao Jose do Rio Preto, Brazil, we show that high frequency, strategic population-wide rapid testing, even at varied accuracy levels, diminishes COVID-19 infections, hospitalizations, and deaths at a fraction of the cost of nucleic acid detection via qRT-PCR. We propose large-scale antigen-based surveillance as a viable strategy to control SARS-CoV-2 spread and to enable societal re-opening.