Unite members at Falkirk-based Alexander Dennis have voted overwhelmingly in favour of a 48-hour walkout in protest at a "below expectations" offer.
Workers at the firm, that makes Scotland's hybrid diesel-electric buses, voted 75% for a strike from an 80% turnout. An indefinite ban on overtime is already in place.
The walkout, starting at 6am on September 19, is likely to affect about 600 of the 800 staff at the factory in Camelon.
The union is unhappy at the pay offer, which comes as the firm enjoys a 56% increase in profits and after chief executive Colin Robertson received an 89% salary increase in 2012 to £760,000.
The firm, Scotland's only bus manufacturer, recently reported a massive increase in turnover from £357 million in 2012 to £481m, with £24.4m in pre-tax profits.
However, vehicle builders have rejected the offer of a 6.5% pay increase over 2013 and 2014. Their last two-year pay deal involved an 8% increase over 2011 and 2012.
Unite says the decision has come as a blow to workers who played a part in turning around the firm's fortunes four years ago when they voluntarily undertook to work a three-day week to save money. They also helped lobby the Scottish Parliament for a Green Bus Fund - from which the company has been the main beneficiary.
Lyn Turner, Unite regional industrial officer, said: "We are dismayed that management think workers who brought the company back from the brink less than four years ago should accept an increase below expectation while company profits and executive pay goes through the roof.
"It is testimony to the workers' commitment, modesty and long-term outlook for the well-being of jobs and skills in Falkirk that they are content to settle for the same deal that has been agreed in recent years.
"Instead, the workers feel they have been left with no choice but to strike and the sense of injustice is reflected in the significant turnout and appetite for strike action.
"It is not too late for management to do the right thing and reach a deal that is well within their budget - and we urge them to get back round the negotiating table."
Bill Simpson, the company's group corporate affairs director, said managers were "hugely disappointed" by the decision, which he said came at a time when most firms in the sector were imposing pay freezes.
He said: "We think that is a very fair offer because the UK market is down 20% this year.
"As a business we are growing extensively overseas. Some 50% of everything produced this year will be exported overseas to New Zealand, Australia, Canada, China, Hong Kong and America, so that inevitably creates cash flow issues.
"Alexander Dennis Limited has also invested £20m in a range of initiatives, including research and development and export kitting.
"We hope workers will see sense."
The company won the Scottish Government's Green Bus Fund contract in 2010 and has since gone on to supply almost 100 hybrid diesel-electric buses to operators such as Lothian Buses, Stagecoach and SWestrans.
The vehicles run on electricity for 70% of the working day. They produce 30% fewer emissions and use 60% less fuel than a diesel bus.
The firm is also preparing to introduce Arrive-and-Go hybrid technology, which further reduces fuel consumption and carbon dioxide emissions, alongside development of a new "Virtual Electric" bus that is expected to be nearing production by next summer.