Shakib Al Hasan (84) and Tamim Iqbal (71) added 155 for the fourth wicket, steadying the innings after the first three wickets fell for just 10 to fast bowler Pat Cummins.
Both players have regularly appeared in limited overs matches against Australia, and Shakib has played in the Big Bash League, however the passing Australian fan could understandably have been relatively unfamiliar with the pair. This first Test will be the first between the countries since Ricky Ponting's side toured Bangladesh in 2006, winning the two-match series 2-0.
A second scalp in the match will take Lyon, who has 247 wickets from 67 Test, just behind Australia's all-time spin wicket-taker Shane Warne.
David Warner was given a reprieve by the third umpire from a lbw decision off Mehedi Hasan, but the spinner trapped the left-hander the same way with the very next ball.
THE Australian Test team, fresh from a bitter contract standoff, has prepared for tomorrow's first Test against Bangladesh by visiting slums in the capital Dhaka.
It was spin again five balls later, as Lyon took his 250th wicket in Tests for Australia, removing Taijul Islam for 4.
Steve Smith's team has not played a Test in Bangladesh in more than a decade and its preparations were hampered when its only practice game was washed out because of flooding in Fatullah. Facing the spin-heavy attack, they held their own with both bat and ball and will now look to draw on that experience in Bangladesh, where the pitches are expected to be worse.
They have taken some self-belief from their competitive performance in India earlier this year, but questions remain over key batsmen David Warner and Usman Khawaja on slow, turning pitches, as well as the quality of their second spinner, Ashton Agar.
While much of the build up from an Australian perspective had surrounded Agar's return to the Test side, it was Cummins - another to make a stunning Test debut as a teenager - who stole the show early. "We've got two very very good batsmen [at the crease]". To overtake him in the wickets column is something pretty special.
Imrul Kayes looked a long way away as far as adapting to number three was concerned while Sabbir Rahman hardly justified his position at number four in Test format. But so infrequent have meetings between Bangladesh and Australia been that it also marked the first time either had played a Test against the Aussies.
"I've always said that I'm not about personal success but I woke up to a message from my mum and dad", Lyon said.
"They have some batting left too, so we have to focus well".