The Kapurthala lad aggregated 14-under 274 to emerge victories by two shots over Bangladesh's Md Siddikur Rahman who blazed the course with a 66 to total 12-under 276.
Bhullar with rounds of 68-71-64-71 picked his tenth professional title at the Kurmitola Golf Club.
The 22-year-old golfer's victory made him the first Indian to win the Bangladesh Open on the Aircel PGTI. It comes within a fortnight of his winning the Gujarat Kensville European Challenge event earlier in the month.
Bhullar, overnight leader by three strokes, made his first birdie of the day on the fifth, courtesy a good chip-putt.
He converted another chip-putt for birdie on the 14th. He dropped a bogey on the 15th but then held on to his two-stroke lead with pars on the last three holes.
"I was confident of coming through today. However, I knew I had to play a steady round and let the others, especially Siddikur, do all the chasing," Bhullar said.
"I stuck to my strategy of going for pars, particularly on the back nine, as the pins were quite tricky. I just aimed to make the fairways and greens and then follow that up with two-putts.
"It feels great to win my second title of the year. Siddikur had a fabulous round and gave me a real scare but I hung in there till the end and just kept it in play," he added.
Siddikur (71-68-71-66), the defending champion, provided Bhullar with a stiff challenge on the final day as he made a charge with a brilliant bogey-free 66.
The local golfer chipped-in from the edge for birdie on the first and then almost pulled off a hole-in-one on the sixth where his shot hit the flag and landed four feet from the pin.
"I played very aggressive golf today but didn't putt well," said Siddikur.
Shamim Khan of India fired an even-par 72 to finish third at nine-under 279. Raju Ali Mollah was a further stroke behind in fourth position.