Visible light communication based on a filter bank multicarrier holds enormous promise for optical wireless communication systems, due to its high-speed and unlicensed spectrum. Moreover, visible light communication techniques greatly impact communication links for small satellites like cube satellites, and pico/nano satellites, in addition to inter-satellite communications between different satellite types in different orbits. However, the transmitted visible signal via the filter bank multicarrier has a high amount of peak-to-average power ratio, which results in severe distortion for a light emitting diode output. In this work, a scheme for enhancing the peak-to-average power ratio reduction amount is proposed. First, an algorithm based on generating two candidates signals with different peak-to-average power ratio is suggested. The signal with the lowest ratio is selected and transmitted. Second, an alternate direct current-biased approach, which is referred to as the addition reversed method, is put forth to transform transmitted signal bipolar values into actual unipolar ones. The performance is assessed through a cumulative distribution function of peak-to-average power ratio, bit error rate, power spectral density, and computational complexity. The simulation results show that, compared to other schemes in literature, the proposed scheme attains a great peak-to-average power ratio reduction and improves the bit the error rate performance with minimum complexity overhead. The proposed approach achieved about 5 dB reduction amount compared to companding technique, 5.5 dB compared to discrete cosine transform precoding, and 8 dB compared to conventional direct current bias of an optical filter bank multicarrier. Thus, the proposed scheme reduces the complexity overhead by 15.7% and 55.55% over discrete cosine transform and companding techniques, respectively.