A live bait container having at least one air chamber to provide buoyancy. It floats upright when stationary, and it floats on its back side when trolling. There is a strategically placed opening through the back or side wall of the air chamber to selectively allow air or water to enter and be trapped within the chamber. During fishing, air will remain trapped inside of the air chamber； however, when the user wants to store the container below the surface, air can be allowed to escape through the opening in the chamber by simply pushing the container below the water surface with its back side up. Air will escape the chamber to allow the container to submerge. To regain buoyancy, the user removes the container from the water and places it in a generally upright position, and the water will run out as air enters through the air chamber opening.
