The hosts are currently second in the group on three points, while Zalgiris sit in third with one point from their first two games.
Match preview
Pyunik have been on quite the European adventure this season, reaching the third round of qualification for the Champions League with impressive aggregate wins over CFR Cluj and Dudelange, before bowing out to Red Star Belgrade.
After that, the Armenian champions came close to qualifying for the Europa League, but came up short against Sheriff Tiraspol on penalties after drawing 0-0 across the two legs.
So far in Group H, Pyunik have made a steady start, losing 3-1 away at Basel in the opening game before bouncing back with an impressive 2-0 win against Slovan Bratislava a week later.
In the league, the Armenian side have 15 points from their opening eight games, currently sitting in fourth, but only four points from league leaders Urartu.
The last match will also have given Pyunik confidence going into Thursday's game, 5-1 victors in a dominant display against Alashkert, with midfielder Alexander Gonzalez particularly impressive, bagging a brace.
Zalgiris will also be confident of their chances at the Republican Stadium, having won three games on the spin, most recently a 2-1 win in the Lithuanian Cup against Kauno Zalgiris.
The game went to extra time after an own goal from Nemanja Ljubisavljevic in the 92nd minute tied the game up at 1-1, but a 109th-minute Mathias Oyewusi goal was enough to see Zalgiris progress to the next round.
Prior to that, the Lithuanian champions were victorious in home matches against Suduva and Riteriai in A Lyga action, with the side once again dominating their domestic league, sitting first and seven points clear of Hegelmann in second with five games in hand.
Form in Europe has so far not been at the same level though; they are yet to score in the Europa Conference League having drawn 0-0 with Slovan Bratislava in their opening game, and losing 1-0 at home to Basel in a closely contested second match.
FC Pyunik Europa Conference League form:
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FC Pyunik form (all competitions):
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FK Zalgiris Europa Conference League form:
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FK Zalgiris form (all competitions):
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Team News
Pyunik will be without long-term absentee Zoran Gajic, with the defender who scored both goals on the night of their remarkable triumph against Cluj sidelined with a knee injury.
Yusuf Otubanjo has scored in each of his last three games, and in the 2-0 win against Slovan Bratislava, so is likely to start up front with Luka Juricic, who returned to the team with a goal in their last match against Alashkert.
Alexander Gonzalez may well be rewarded for his brace last time out with a start in midfield, where Artak Dashyan will also feature, with the 32-year-old in good form having scored for Armenia against Ireland in the recent international break.
Brazilian forward Renan Oliveira is the top scorer in the A Lyga this season, with 13 goals to his name, and is set to lead the line again for Zalgiris on Thursday alongside Englishman Mathias Oyewusi, who has started the last three games.
Captain Nicolas Gorobsov has weighed in with three goals and three assists this season, and was withdrawn early in their last outing, so he will be fresh for Thursday's game.
FC Pyunik possible starting lineup:
Yurchenko; Miljkovic, Juninho, Braktov, Vakulenko; Dashyan, Gonzalez, Cociuc; Otubanjo, Juricic, Diop
FK Zalgiris possible starting lineup:
Gertmonas; Pavelic, Ljubisavljevic, Mamic, Bopesu; Buff, Gorobsov, Milickovic, Ourega; Kyeremeh, Oliveira
We say: FC Pyunik 1-0 FK Zalgiris
Pyunik have been impressive in Europe so far this season, coming agonisingly close to Europa League qualification and beating Cluj across two legs in a huge upset.
As a result, we expect them to continue their form here and get all three points against Zalgiris, although with little separating the two teams, it is likely to be by a narrow margin.