The woman, a married mother of three, was attacked while she was sleeping in her shanty in Jhalakathi district, some 200 kilometres south of Dhaka, on Saturday night, officers said.
"As he tried to rape her, the lady cut his genitalia off with a knife. She then wrapped up the genitalia in a piece of polythene and brought it to the Jhalakathi police station as evidence of the crime," police chief Abul Khaer told AFP.
The woman has filed a case accusing the man, who is also 40 and a married father of five, of attempted rape, saying that he had been harassing her for six months.
The severed genitalia has been kept at the police station and the rape suspect was undergoing treatment in hospital.
"We shall arrest him once his condition gets better," Khaer added.
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