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We study the phase diagram of $SU(N)$ gauge theory in three space-time dimensions with a Chern-Simons term at level $k$, coupled to two sets of fundamental fermions with masses $m_1$ and $m_2$, respectively. The two-dimensional phase diagram that we propose shows a rich structure and widens in an interesting way previous results in the literature, to which it reduces in some limits. We present several checks of our proposal, including consistency with boson/fermion dualities. In this respect, we extensively comment on the structure of the scalar potential which is needed on the bosonic side of the duality.