diff --git a/src/messaging/tests/BUILD.gn b/src/messaging/tests/BUILD.gn
index c597c36055754a..0e56444ba40952 100644
--- a/src/messaging/tests/BUILD.gn
+++ b/src/messaging/tests/BUILD.gn
@@ -49,7 +49,7 @@ static_library("helpers") {
 chip_test_suite_using_nltest("tests") {
   output_name = "libMessagingLayerTests"
 
-  test_sources = []
+  test_sources = [ "TestExchange.cpp" ]
 
   if (chip_device_platform != "efr32") {
     # TODO(#10447): ReliableMessage Test has HF, and ExchangeMgr hangs on EFR32.
diff --git a/src/messaging/tests/TestExchange.cpp b/src/messaging/tests/TestExchange.cpp
new file mode 100644
index 00000000000000..67b9ab6d16d0d3
--- /dev/null
+++ b/src/messaging/tests/TestExchange.cpp
@@ -0,0 +1,261 @@
+/*
+ *    Copyright (c) 2024 Project CHIP Authors
+ *    All rights reserved.
+ *
+ *    Licensed under the Apache License, Version 2.0 (the "License");
+ *    you may not use this file except in compliance with the License.
+ *    You may obtain a copy of the License at
+ *
+ *        http://www.apache.org/licenses/LICENSE-2.0
+ *
+ *    Unless required by applicable law or agreed to in writing, software
+ *    distributed under the License is distributed on an "AS IS" BASIS,
+ *    WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+ *    See the License for the specific language governing permissions and
+ *    limitations under the License.
+ */
+
+#include <lib/core/CHIPCore.h>
+#include <lib/support/CHIPMem.h>
+#include <lib/support/CodeUtils.h>
+#include <lib/support/UnitTestContext.h>
+#include <lib/support/UnitTestRegistration.h>
+#include <messaging/ExchangeContext.h>
+#include <messaging/ExchangeMgr.h>
+#include <messaging/Flags.h>
+#include <messaging/tests/MessagingContext.h>
+#include <protocols/Protocols.h>
+#include <transport/SessionManager.h>
+#include <transport/TransportMgr.h>
+
+#include <nlbyteorder.h>
+#include <nlunit-test.h>
+
+#include <errno.h>
+#include <utility>
+
+#if CHIP_CRYPTO_PSA
+#include "psa/crypto.h"
+#endif
+
+namespace {
+
+using namespace chip;
+using namespace chip::Inet;
+using namespace chip::Transport;
+using namespace chip::Messaging;
+
+struct TestContext : Test::LoopbackMessagingContext
+{
+    // TODO Add TearDown function when changing test framework to Pigweed to make it more clear how it works.
+    // Currently, the TearDown function is from LoopbackMessagingContext
+    void SetUp() override
+    {
+#if CHIP_CRYPTO_PSA
+        // TODO: use ASSERT_EQ, once transition to pw_unit_test is complete
+        VerifyOrDie(psa_crypto_init() == PSA_SUCCESS);
+#endif
+        chip::Test::LoopbackMessagingContext::SetUp();
+    }
+};
+
+enum : uint8_t
+{
+    kMsgType_TEST1 = 0xf0,
+    kMsgType_TEST2 = 0xf1,
+};
+
+class MockExchangeDelegate : public UnsolicitedMessageHandler, public ExchangeDelegate
+{
+public:
+    CHIP_ERROR OnUnsolicitedMessageReceived(const PayloadHeader & payloadHeader, ExchangeDelegate *& newDelegate) override
+    {
+        newDelegate = this;
+        return CHIP_NO_ERROR;
+    }
+
+    CHIP_ERROR OnMessageReceived(ExchangeContext * ec, const PayloadHeader & payloadHeader,
+                                 System::PacketBufferHandle && buffer) override
+    {
+        ++mReceivedMessageCount;
+        if (mKeepExchangeAliveOnMessageReceipt)
+        {
+            ec->WillSendMessage();
+            mExchange = ec;
+        }
+        else
+        {
+            // Exchange will be closing, so don't hold on to a reference to it.
+            mExchange = nullptr;
+        }
+        return CHIP_NO_ERROR;
+    }
+
+    void OnResponseTimeout(ExchangeContext * ec) override {}
+
+    ExchangeMessageDispatch & GetMessageDispatch() override
+    {
+        if (mMessageDispatch != nullptr)
+        {
+            return *mMessageDispatch;
+        }
+
+        return ExchangeDelegate::GetMessageDispatch();
+    }
+
+    uint32_t mReceivedMessageCount             = 0;
+    bool mKeepExchangeAliveOnMessageReceipt    = true;
+    ExchangeContext * mExchange                = nullptr;
+    ExchangeMessageDispatch * mMessageDispatch = nullptr;
+};
+
+// Helper used by several tests.  Registers delegate2 as an unsolicited message
+// handler, sends a message of type requestMessageType via an exchange that has
+// delegate1 as delegate, responds with responseMessageType.
+template <typename AfterRequestChecker, typename AfterResponseChecker>
+void DoRoundTripTest(nlTestSuite * inSuite, void * inContext, MockExchangeDelegate & delegate1, MockExchangeDelegate & delegate2,
+                     uint8_t requestMessageType, uint8_t responseMessageType, AfterRequestChecker && afterRequestChecker,
+                     AfterResponseChecker && afterResponseChecker)
+{
+    TestContext & ctx = *reinterpret_cast<TestContext *>(inContext);
+
+    ExchangeContext * ec1 = ctx.NewExchangeToBob(&delegate1);
+    NL_TEST_ASSERT(inSuite, ec1 != nullptr);
+
+    CHIP_ERROR err = ctx.GetExchangeManager().RegisterUnsolicitedMessageHandlerForType(Protocols::SecureChannel::Id,
+                                                                                       requestMessageType, &delegate2);
+    NL_TEST_ASSERT(inSuite, err == CHIP_NO_ERROR);
+
+    // To simplify things, skip MRP for all our messages, and make sure we are
+    // always expecting responses.
+    constexpr auto sendFlags =
+        SendFlags(Messaging::SendMessageFlags::kNoAutoRequestAck, Messaging::SendMessageFlags::kExpectResponse);
+
+    err = ec1->SendMessage(Protocols::SecureChannel::Id, requestMessageType,
+                           System::PacketBufferHandle::New(System::PacketBuffer::kMaxSize), sendFlags);
+    NL_TEST_ASSERT(inSuite, err == CHIP_NO_ERROR);
+
+    ctx.DrainAndServiceIO();
+
+    afterRequestChecker();
+
+    ExchangeContext * ec2 = delegate2.mExchange;
+    err                   = ec2->SendMessage(Protocols::SecureChannel::Id, responseMessageType,
+                                             System::PacketBufferHandle::New(System::PacketBuffer::kMaxSize), sendFlags);
+    NL_TEST_ASSERT(inSuite, err == CHIP_NO_ERROR);
+
+    ctx.DrainAndServiceIO();
+
+    afterResponseChecker();
+
+    ec1->Close();
+    ec2->Close();
+
+    err = ctx.GetExchangeManager().UnregisterUnsolicitedMessageHandlerForType(Protocols::SecureChannel::Id, kMsgType_TEST1);
+    NL_TEST_ASSERT(inSuite, err == CHIP_NO_ERROR);
+}
+
+void CheckBasicMessageRoundTrip(nlTestSuite * inSuite, void * inContext)
+{
+    MockExchangeDelegate delegate1;
+    MockExchangeDelegate delegate2;
+    DoRoundTripTest(
+        inSuite, inContext, delegate1, delegate2, kMsgType_TEST1, kMsgType_TEST2,
+        [&] {
+            NL_TEST_ASSERT(inSuite, delegate1.mReceivedMessageCount == 0);
+            NL_TEST_ASSERT(inSuite, delegate2.mReceivedMessageCount == 1);
+        },
+        [&] {
+            NL_TEST_ASSERT(inSuite, delegate1.mReceivedMessageCount == 1);
+            NL_TEST_ASSERT(inSuite, delegate2.mReceivedMessageCount == 1);
+        });
+}
+
+void CheckBasicExchangeMessageDispatch(nlTestSuite * inSuite, void * inContext)
+{
+    class MockMessageDispatch : public ExchangeMessageDispatch
+    {
+        bool MessagePermitted(Protocols::Id protocol, uint8_t type) override
+        {
+            // Only allow TEST1 messages.
+            return protocol == Protocols::SecureChannel::Id && type == kMsgType_TEST1;
+        }
+    };
+
+    MockMessageDispatch dispatch;
+
+    {
+        // Allowed response.
+        MockExchangeDelegate delegate1;
+        delegate1.mMessageDispatch = &dispatch;
+        MockExchangeDelegate delegate2;
+
+        DoRoundTripTest(
+            inSuite, inContext, delegate1, delegate2, kMsgType_TEST1, kMsgType_TEST1,
+            [&] {
+                NL_TEST_ASSERT(inSuite, delegate1.mReceivedMessageCount == 0);
+                NL_TEST_ASSERT(inSuite, delegate2.mReceivedMessageCount == 1);
+            },
+            [&] {
+                NL_TEST_ASSERT(inSuite, delegate1.mReceivedMessageCount == 1);
+                NL_TEST_ASSERT(inSuite, delegate2.mReceivedMessageCount == 1);
+            });
+    }
+
+    {
+        // Disallowed response.
+        MockExchangeDelegate delegate1;
+        delegate1.mMessageDispatch = &dispatch;
+        MockExchangeDelegate delegate2;
+
+        DoRoundTripTest(
+            inSuite, inContext, delegate1, delegate2, kMsgType_TEST1, kMsgType_TEST2,
+            [&] {
+                NL_TEST_ASSERT(inSuite, delegate1.mReceivedMessageCount == 0);
+                NL_TEST_ASSERT(inSuite, delegate2.mReceivedMessageCount == 1);
+            },
+            [&] {
+                NL_TEST_ASSERT(inSuite, delegate1.mReceivedMessageCount == 0);
+                NL_TEST_ASSERT(inSuite, delegate2.mReceivedMessageCount == 1);
+            });
+    }
+}
+
+// Test Suite
+
+/**
+ *  Test Suite that lists all the test functions.
+ */
+// clang-format off
+const nlTest sTests[] =
+{
+    NL_TEST_DEF("Test ExchangeContext::SendMessage", CheckBasicMessageRoundTrip),
+    NL_TEST_DEF("Test ExchangeMessageDispatch", CheckBasicExchangeMessageDispatch),
+
+    NL_TEST_SENTINEL()
+};
+// clang-format on
+
+// clang-format off
+nlTestSuite sSuite =
+{
+    "Test-Exchange",
+    &sTests[0],
+    TestContext::nlTestSetUpTestSuite,
+    TestContext::nlTestTearDownTestSuite,
+    TestContext::nlTestSetUp,
+    TestContext::nlTestTearDown,
+};
+// clang-format on
+
+} // namespace
+
+/**
+ *  Main
+ */
+int TestExchange()
+{
+    return chip::ExecuteTestsWithContext<TestContext>(&sSuite);
+}
+
+CHIP_REGISTER_TEST_SUITE(TestExchange);