Guava (Psidium guajava L.) is one of the most nutrient‐dense fruits, which is native to tropical and subtropical regions of the world. The processing of value‐added products from guava has not been carried out on a scale similar to some other fruits, which offers an opportunity to fully exploit the potential of this fruit, such as guava‐based nutraceutical food products. The objectives of the present study were to develop freeze‐dried guava powders (FDGPs) from two guava varieties (white and pink) and characterize their physico‐chemical and nutritional properties. FDGP was also incorporated with probiotic strains of Lactobacillus plantarum, to develop a healthy nutraceutical probiotic supplement. Functional groups assessed by Fourier transform infrared (FTIR) spectroscopy exhibited the existence of strong C–Br stretch, O–H stretch, and C = C stretch vibrations; however, scanning electron micrograms (SEMs) showed the flaky structure indicating the presence of starch, dietary fibers, and esterified groups of pectin. Significant mineral concentrations (mg/100 g) of potassi‐um (323–362), magnesium (26.2–28.8), zinc (0.43–0.51), and iron (0.52–0.63) were observed in FDGPs. The FDGP samples from both guava varieties had high levels of crude fiber (43.94–46.29%), vitamin C (2.27–2.49 mg/g), and phenolic compounds (57.50–61.86 mg GAE/g) as well as significant antioxidant properties. Fortification of FDGP with L. plantarum strains produced significant results in terms of probiotic viability that was nearly maintained at 108 CFU/g up to 60 days in the final product. The viability of probiotics proved that FDGP is a good carrier of prebiotics and can be utilized as a potent probiotic supplement.