In this paper we study the Spectral Radius Algebra \(\mathcal {B}_{W}\) associated with a bilateral weighted shift W and study its properties, and conditions under which \(\mathcal {B}_{W}\) can have non trivial invariant subspaces (n.i.s.). At first we consider the bilateral weighted shifts W on \(\ell ^{2}\) having positive weights \(\{\alpha _{n}\}_{n\in \mathbb {Z}}\) and show that W being quasinilpotent is a sufficient condition for having a n.i.s. for \(\mathcal {B}_{W}\) . Next we consider bilateral operator weighted shift W on \(\mathcal {H}=\bigoplus _{i\in \mathbb {Z}}\mathcal {H}_i\) with operator weights \(\{A_n\}\) . For \(i,j\in \mathbb {Z}\) , we define \(\mathcal {B}_W(i,j)\) to be certain types of subspaces of \(\mathcal {L}(\mathcal {H}_j,\mathcal {H}_i)\) . Assuming that W is of finite multiplicity, if there exists \(i\in \mathbb {Z}\) such that \(\mathcal {B}_W(i,i)\ne \mathcal {L}(\mathcal {H}_i,\mathcal {H}_i)\) then \(\mathcal {B}_W\) has n.i.s. in \(\mathcal {H}\) ; on the other hand if \(\mathcal {B}_W(i,i)=\mathcal {L}(\mathcal {H}_i,\mathcal {H}_i)\,\,\forall \,\,i\in \mathbb {Z}\) then \(\mathcal {B}_W\) has n.i.s. in \(\mathcal {H}\) if and only if W is quasinilpotent. We also give an example of a bilateral weighted shift W for which the spectral radius algebra \(\mathcal {B}_{W}\) and the associated Deddens algebra \(\mathcal {D}_{W}\) are distinct. Additionally, we have discussed conditions under which \(\mathcal {B}_{W}\) does not admit n.i.s. whereas \(\mathcal {D}_{W}\) does.