The monastery was founded in 341 A.D. by Jacob of Nisibis, the second bishop of Nisibis who lived during the 3rd to 4th centuries A.D. It was built upon the northeastern slope of Mount Ararat (; the greater mountain is referred to as Masis in Armenian) in Masyatsotn canton of a larger province of Ayrarat in Armenian kingdom. Some sources say that St. Hakob was the name of the monastery while there was a chapel of St. James nearby, while other sources refer to the two as the same site. The monastery is said to have contained relics of wood from the Biblical Ark of Noah. A strong earthquake occurred at Mount Ararat on July 2, 1840 causing an avalanche that destroyed the monastery of St. Hakob, Arakelots Vank in the neighboring village of Akori as well as the village itself.