3D bioprinting has emerged as a transformative technology in biomedical engineering, enabling the fabrication of functional tissues through the precise deposition of cell-laden biomaterials. However, the widespread adoption of this technology is constrained by the prohibitive costs of commercial bioprinting systems. We present a cost-effective solution through the conversion of an open-source fused deposition modeling (FDM) 3D printer into a direct ink write bioprinter by integrating a peristaltic pump-based extrusion system. The modified dual-extruder system demonstrates successful deposition of hydrogel-based bioinks across varying viscosities, producing well-defined scaffold architectures. The printer's open-source control architecture facilitates retraction capabilities, high-speed movements, and customizable printing parameters, enhancing operational flexibility. This development represents a significant step toward democratizing low-cost bioprinting technology, making it accessible to academic institutions and research facilities with limited resources.