A convertible body armor and carrying bag includes a first panel and a second panel. Each panel has body armor material incorporated therein. A pair of shoulder straps is provided, each having a first end secured to the first panel adjacent a first edge of the first panel, and a second end secured to the second panel adjacent a first edge of the second panel, with the shoulder straps spaced apart from each other by a space that corresponds to the distance between an adult human being's shoulders. A removable attachment mechanism removably attaches the peripheries of the panels in a manner such that the panels and the attachment mechanism together define an interior storage space when the attachment mechanism attaches the peripheries of the panels, and the panels can be worn as a body vest with the shoulder straps supported on an adult human being's shoulders when the attachment mechanism does not attach the peripheries of the panels. A weapon can be stored inside the interior storage space.