The First Nation is named after Peguis, the chief who led a band of Saulteaux people from present-day Sault Ste.

Their history is documented in journals of the Hudson's Bay Company, the Lord Selkirk settlers, and the Church Missionary Society.

The treaty allocated land along the Red and Assiniboine Rivers to Lord Selkirk and his settlers for an annual rent of tobacco.

[18] Heavy rain and high winds in the Interlake Region of Manitoba from 1 to 5 July 2010, caused flooding and evacuation of Peguis First Nation’s 250 residents.

[19] By February 2011, Peguis First Nation were meeting with Aboriginal Affairs and Northern Development officials about controlling mould in the 75 homes damaged by flooding.

[20] In 2013, AANDC invested more than CAD$4 million to Peguis First Nation for long-term flood proofing as part of a 2010 commitment to protect 75 homes.