Bangladesh has emphasized active transportation in its transportation policies and has encouraged its population, especially the youth and students, towards bicycling. However, there is a scarcity of studies that have examined the factors important to the choice of active transportation that can be referenced to support the initiative. To address this research gap, in this study, we explore the influence of sociodemographics and latent perceptions of a built environment on the choice to walk and bicycle among students and nonstudents in Rajshahi, Bangladesh. In Rajshahi, we conducted a household survey between July and August, 2017. We used a modeling framework that integrated choice and latent variable (ICLV) models to effectively incorporate the latent perception variables in the choice model, addressing measurement error and endogeneity bias. Our models show that students are influenced by perceptions of safety from crime, while nonstudents are influenced by their perceptions of the walkability of a built environment when choosing a bicycle for commuting trips. For recreational bicycle trips, students are more concerned about the perceptions of road safety, whereas nonstudents are concerned about safety from crime. We find that road safety perception significantly and positively influences walking behavior among nonstudents. Structural equation models of the latent perception variables show that females are more likely to provide lower perceptions of neighborhood walkability, road safety, and safety from crime. Regarding active transportation decisions, overall, we find there is a difference between student and nonstudent groups and also within these groups. The findings of this study can assist in developing a sustainable active transportation system by addressing the needs of different segments of the population. In this study, we also provide recommendations regarding promoting active transportation in Rajshahi.