Carob, an underutilized crop with several ecological and economic advantages, was traditionally used as animal feed and excluded from the human diet. Yet, nowadays, its beneficial effects on health are making it an interesting candidate as a food ingredient. In this study, a carob-based yogurt-like product was designed and fermented with six lactic acid bacteria strains, whose performances after fermentation and during shelf life were assessed through microbial and biochemical characterization. The strains showed different aptitudes to ferment the rice–carob matrix. Particularly,Lactiplantibacillus plantarumT6B10 was among the strains with the lowest latency phase and highest acidification at the end of fermentation. T6B10 also showed discrete proteolysis during storage, so free amino acids were up to 3-fold higher compared to the beverages fermented with the other strains. Overall, fermentation resulted in the inhibition of spoilage microorganisms, while an increase in yeasts was found in the chemically acidified control. The yogurt-like product was characterized by high-fiber and low-fat content; moreover, compared to the control, fermentation decreased the predicted glycemic index (−9%) and improved the sensory acceptability. Thus, this work demonstrated that the combination of carob flour and fermentation with selected lactic acid bacteria strains represents a sustainable and effective option to obtain safe and nutritious yogurt-like products.