Captain Sarfaraz Ahmed had admitted Pakistan would need a "miracle" to pull off the minimum 316-run victory required to leapfrog New Zealand and into the last four.
And so it proved, as Pakistan could only muster 315 for nine with the bat from their full 50 overs.
Tweet of the day
Following Pakistan's exit, Shoaib Malik confirmed his retirement from ODI cricket. The 37-year-old all-rounder played 287 ODIs, scoring 7534 runs and taking 158 wickets.
Shakib Al Hasan brought up 50 from 62 balls, to reach his seventh half-century in the tournament – equalling Sachin Tendulkar's record set in 2003.
Shakib joins World Cup elite
Despite the fact that his side have not made the semi-finals, it will be hard to overlook Shakib as player of the tournament. The all-rounder has been phenomenal with the bat, amassing 606 runs – the highest haul of the competition as things stand – with two centuries, five fifties and a lowest score of 41 in his eight innings.
His 64 on Friday saw him move into the top 10 World Cup run-scorers of all time – passing greats of the game Javed Miandad, Adam Gilchrist, Mahela Jayawardene and Tillakaratne Dilshan in the process. He is now ninth on that list, falling just two runs short of eighth-placed Jacques Kallis.
When you consider the spinner is also 20th on the all-time World Cup wicket-taking list, Shakib is quite the cricketer.
Shaheen shines on the biggest stage
Unrecognisable from the run-of-the mill bowler who faced down England in pre-tournament warm-up matches, Shaheen Afridi has announced himself as a genuine pace ace in this World Cup. The 19-year-old has grown into this competition and stunned the Lord's crowd with a fine six-wicket haul.
The teenager duly became the youngest man to claim five wickets in World Cup action, while also taking five in an ODI for the first time in his career.
It is a shame Shaheen now will not have the chance to bring his red-hot form to bear in the knockout stages.
Arthur insists Pakistan have bright future
Pakistan boss Mickey Arthur took the chance for some grandstanding in the post-match press conference – just in case his contract is not renewed.
His deal has expired but he hopes to sign on for more.
Whether failing to reach the semi-finals will count against him remains to be seen, but before all that he set out his view of Pakistan's future.
And an upbeat Arthur insisted Pakistan can be a growing force, hailing his young side's improved performances and poise as the tournament progressed.
Shot of the day
Seamer Mohammad Amir showed his batsmen colleagues the way to handle the in-form Mustafizur, lashing a textbook cover drive for four despite coming under pressure from Bangladesh's top performer.
Ball of the day
Shaheen was sensational in helping Pakistan storm through the Bangladesh lower order and produced a phenomenal, searing yorker to clean bowl Mahmudullah. It was an unplayable delivery from a young bowler at the peak of his form.
Quote of the day
Pakistan boss Mickey Arthur urges fans not to hit out at his side's failure to reach the World Cup semi-finals.
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