diff --git a/lib/esm-import-functions.js b/lib/esm-import-functions.js
index 1340544..fc5ebab 100644
--- a/lib/esm-import-functions.js
+++ b/lib/esm-import-functions.js
@@ -1,11 +1,14 @@
 const path = require('path')
 const { pathToFileURL } = require('url')
 
-exports.dummyImportModuleToGetAtPath = async function dummyImportModuleToGetAtPath (modulePath) {
+// `parentUrl` is the file the specifier should be resolved from. Without it,
+// the specifier is resolved from this file, which can't see the caller's
+// dependencies when they're not installed in a flat node_modules (e.g. pnpm).
+exports.dummyImportModuleToGetAtPath = async function dummyImportModuleToGetAtPath (modulePath, parentUrl) {
   try {
     const moduleUrl = path.isAbsolute(modulePath) ? pathToFileURL(modulePath) : modulePath
 
-    await import(addQueryToUrl(moduleUrl, '__quibbleresolveurl'))
+    await import(addQueryToUrl(moduleUrl, '__quibbleresolveurl', parentUrl))
   } catch (error) {
     if (error.code === 'QUIBBLE_RESOLVED_URL') {
       return error.resolvedUrl
@@ -23,12 +26,13 @@ exports.importOriginalModule = async (fullImportPath) => {
   return import(addQueryToUrl(fullImportPath, '__quibbleoriginal'))
 }
 
-function addQueryToUrl (url, query) {
+function addQueryToUrl (url, query, value) {
+  const queryWithValue = value ? `${query}=${encodeURIComponent(value)}` : query
   try {
     const urlObject = new URL(url)
     urlObject.searchParams.set(query, '')
-    return urlObject.href.replace(`${query}=`, query)
+    return urlObject.href.replace(`${query}=`, queryWithValue)
   } catch {
-    return url + '?' + query
+    return url + '?' + queryWithValue
   }
 }
diff --git a/lib/loader-helpers.js b/lib/loader-helpers.js
index c7b70a2..6b9c21b 100644
--- a/lib/loader-helpers.js
+++ b/lib/loader-helpers.js
@@ -3,9 +3,9 @@
 // (registerHooks). Kept as CJS so both can load it without an extra
 // module-format dance.
 //
-// Only planResolve/finishResolve/recoverResolve/stubbedLoadResult and
-// stripQueryAndHash are used outside this file; everything else here is a
-// private helper for them.
+// Only planResolve/nextResolveContext/finishResolve/recoverResolve/
+// stubbedLoadResult and stripQueryAndHash are used outside this file;
+// everything else here is a private helper for them.
 
 /**
  * @typedef {{hasDefaultExport: boolean, namedExports: [string]}} ModuleLoaderMockInfo
@@ -60,15 +60,29 @@ function stripQueryAndHash (url) {
   return url.replace(/\?.*/, '').replace(/#.*/, '')
 }
 
+const RESOLVE_URL_MARKER = /[?&]__quibbleresolveurl(?:=([^&#]*))?/
+
 /** Removes the marker query params the `import()` helpers add to specifiers */
 function stripMarkers (specifier) {
   return specifier.includes('__quibble')
     ? specifier
-      .replace(/[?&]__quibbleresolveurl/, '')
+      .replace(RESOLVE_URL_MARKER, '')
       .replace(/[?&]__quibbleoriginal/, '')
     : specifier
 }
 
+/**
+ * The context to call `nextResolve` with for a plan from `planResolve`: the
+ * same one, unless the plan has to be resolved from a different parent.
+ * Call it after flagging `context.__quibbleSuppressed`, so the copy is
+ * flagged too.
+ */
+function nextResolveContext (plan, context) {
+  return plan.resolveFromURL
+    ? { ...context, parentURL: plan.resolveFromURL }
+    : context
+}
+
 function addQueryToUrl (url, query, value) {
   const urlObject = new URL(url)
   urlObject.searchParams.set(query, value)
@@ -93,13 +107,23 @@ function unresolvedUrl (specifier, parentURL, generation) {
  * @param {object} context
  * @returns {
  *   | { kind: 'reentrant' }
- *   | { kind: 'resolveUrl' | 'passthrough', nextSpecifier: string }
+ *   | { kind: 'resolveUrl', nextSpecifier: string, resolveFromURL: string | undefined }
+ *   | { kind: 'passthrough', nextSpecifier: string }
  *   | { kind: 'quibble', nextSpecifier: string, specifier: string, parentURL: string, stubModuleGeneration: number }
  * }
  */
 function planResolve (state, specifier, context) {
   if (specifier.includes('__quibbleresolveurl')) {
-    return { kind: 'resolveUrl', nextSpecifier: stripMarkers(specifier) }
+    // The marker's value, if any, is the URL of the file that asked quibble
+    // to resolve `specifier`: resolve from there and not from the `import()`
+    // in esm-import-functions.js, which can't see that file's dependencies
+    // when they're not installed in a flat node_modules (e.g. pnpm).
+    const encodedResolveFromURL = specifier.match(RESOLVE_URL_MARKER)[1]
+    return {
+      kind: 'resolveUrl',
+      nextSpecifier: stripMarkers(specifier),
+      resolveFromURL: encodedResolveFromURL && decodeURIComponent(encodedResolveFromURL)
+    }
   }
 
   if (specifier === 'quibble' || specifier.includes('__quibbleoriginal')) {
@@ -209,6 +233,7 @@ function stubbedLoadResult (state, url) {
 
 module.exports = {
   planResolve,
+  nextResolveContext,
   finishResolve,
   recoverResolve,
   stubbedLoadResult,
diff --git a/lib/quibble-sync-hooks.js b/lib/quibble-sync-hooks.js
index 67508b4..6967036 100644
--- a/lib/quibble-sync-hooks.js
+++ b/lib/quibble-sync-hooks.js
@@ -6,6 +6,7 @@
 
 const {
   planResolve,
+  nextResolveContext,
   finishResolve,
   recoverResolve,
   stubbedLoadResult,
@@ -36,7 +37,7 @@ exports.createSyncHooks = function createSyncHooks (state) {
 
     context.__quibbleSuppressed = true
     try {
-      const result = nextResolve(plan.nextSpecifier, context)
+      const result = nextResolve(plan.nextSpecifier, nextResolveContext(plan, context))
       if (plan.kind === 'quibble') {
         // Same off-thread-loader caveat as below: work with untagged URLs
         const url = removeQuibbleQuery(result.url)
diff --git a/lib/quibble.js b/lib/quibble.js
index dfbc02b..fb88971 100644
--- a/lib/quibble.js
+++ b/lib/quibble.js
@@ -105,12 +105,9 @@ quibble.esm = async function (specifier, namedExportStubs, defaultExportStub) {
     delete finalNamedExportStubs.default
   }
 
-  const importPathIsBareSpecifier = isBareSpecifier(specifier)
-  const parentUrl = importPathIsBareSpecifier
-    ? undefined
-    : hackErrorStackToGetCallerFile(true, true)
-  const moduleUrl = importPathIsBareSpecifier
-    ? await importFunctions.dummyImportModuleToGetAtPath(specifier)
+  const parentUrl = hackErrorStackToGetCallerFile(true, true)
+  const moduleUrl = isBareSpecifier(specifier)
+    ? await importFunctions.dummyImportModuleToGetAtPath(specifier, parentUrl)
     : new URL(specifier, parentUrl).href
 
   await quibbleUserToLoaderCommunication().addMockedModule(moduleUrl, {
@@ -133,12 +130,9 @@ quibble.isLoaderLoaded = function () {
 quibble.esmImportWithPath = async function esmImportWithPath (specifier) {
   checkThatLoaderIsLoaded()
 
-  const importPathIsBareSpecifier = isBareSpecifier(specifier)
-  const parentUrl = importPathIsBareSpecifier
-    ? undefined
-    : hackErrorStackToGetCallerFile(true, true)
-  const moduleUrl = importPathIsBareSpecifier
-    ? await importFunctions.dummyImportModuleToGetAtPath(specifier)
+  const parentUrl = hackErrorStackToGetCallerFile(true, true)
+  const moduleUrl = isBareSpecifier(specifier)
+    ? await importFunctions.dummyImportModuleToGetAtPath(specifier, parentUrl)
     : new URL(specifier, parentUrl).href
 
   return {
diff --git a/lib/quibble.mjs b/lib/quibble.mjs
index c8494b5..339d8d8 100644
--- a/lib/quibble.mjs
+++ b/lib/quibble.mjs
@@ -5,6 +5,7 @@ import importGraphModule from './import-graph.js'
 
 const {
   planResolve,
+  nextResolveContext,
   finishResolve,
   recoverResolve,
   stubbedLoadResult,
@@ -47,7 +48,7 @@ export async function resolve (specifier, context, nextResolve) {
 
   context.__quibbleSuppressed = true
   try {
-    const result = await nextResolve(plan.nextSpecifier, context)
+    const result = await nextResolve(plan.nextSpecifier, nextResolveContext(plan, context))
     if (plan.kind === 'quibble') {
       importGraph.recordImport(context.parentURL, result.url)
       if (!importGraph.needsQuibbling(result.url)) {
diff --git a/test/esm-fixtures/a-quibble-esm-wrapper.mjs b/test/esm-fixtures/a-quibble-esm-wrapper.mjs
new file mode 100644
index 0000000..b01832e
--- /dev/null
+++ b/test/esm-fixtures/a-quibble-esm-wrapper.mjs
@@ -0,0 +1,7 @@
+// Calls quibble.esm() on behalf of whoever calls it, like testdouble.js's td.replaceEsm()
+import quibble from '../../lib/quibble.mjs'
+
+quibble.ignoreCallsFromThisFile()
+
+export default (specifier, namedExportStubs, defaultExportStub) =>
+  quibble.esm(specifier, namedExportStubs, defaultExportStub)
diff --git a/test/esm-lib/node_modules/a-dependency-of-the-tests/index.js b/test/esm-lib/node_modules/a-dependency-of-the-tests/index.js
new file mode 100644
index 0000000..710291d
--- /dev/null
+++ b/test/esm-lib/node_modules/a-dependency-of-the-tests/index.js
@@ -0,0 +1,2 @@
+export default 'default-export'
+export const namedExport = 'named-export'
diff --git a/test/esm-lib/node_modules/a-dependency-of-the-tests/package.json b/test/esm-lib/node_modules/a-dependency-of-the-tests/package.json
new file mode 100644
index 0000000..e318bbc
--- /dev/null
+++ b/test/esm-lib/node_modules/a-dependency-of-the-tests/package.json
@@ -0,0 +1,7 @@
+{
+  "name": "a-dependency-of-the-tests",
+  "description": "Fake dependency that only the tests (not quibble's lib directory) can resolve, like a dependency installed with pnpm",
+  "version": "1.0.0",
+  "type": "module",
+  "main": "index.js"
+}
diff --git a/test/esm-lib/node_modules/is-number/index.js b/test/esm-lib/node_modules/is-number/index.js
new file mode 100644
index 0000000..0fa0795
--- /dev/null
+++ b/test/esm-lib/node_modules/is-number/index.js
@@ -0,0 +1 @@
+export default () => 'the copy only the tests can see'
diff --git a/test/esm-lib/node_modules/is-number/package.json b/test/esm-lib/node_modules/is-number/package.json
new file mode 100644
index 0000000..218cc04
--- /dev/null
+++ b/test/esm-lib/node_modules/is-number/package.json
@@ -0,0 +1,7 @@
+{
+  "name": "is-number",
+  "description": "Fake second copy of a dependency quibble's lib directory can also resolve (to the real one in the root node_modules), like a pnpm monorepo with two versions of a package",
+  "version": "100.0.0",
+  "type": "module",
+  "main": "index.js"
+}
diff --git a/test/esm-lib/quibble-cjs-esmImportWithPath.test.js b/test/esm-lib/quibble-cjs-esmImportWithPath.test.js
index b18b149..a1e357b 100644
--- a/test/esm-lib/quibble-cjs-esmImportWithPath.test.js
+++ b/test/esm-lib/quibble-cjs-esmImportWithPath.test.js
@@ -27,6 +27,17 @@ module.exports = {
     assert.deepEqual(isPromise(Promise.resolve()), true)
     assert.deepEqual(isPromise(42), false)
   },
+  'support importing esm and returning the path for a bare specifier only the caller can resolve': async function () {
+    // Lives in test/esm-lib/node_modules, so it can't be resolved from quibble's
+    // own lib directory (like a dependency installed by pnpm)
+    const { moduleUrl, module } = await quibble.esmImportWithPath('a-dependency-of-the-tests')
+
+    assert.deepEqual(moduleUrl, pathToFileURL(path.resolve(__dirname, 'node_modules/a-dependency-of-the-tests/index.js')).href)
+    assert.deepEqual({ ...module }, {
+      default: 'default-export',
+      namedExport: 'named-export'
+    })
+  },
   'support importing esm and returning the path even when relative path quibbled': async function () {
     await quibble.esm('./a-module.mjs', {
       namedExport: 'replacement',
diff --git a/test/esm-lib/quibble-esm.test.mjs b/test/esm-lib/quibble-esm.test.mjs
index 074adb3..d9575ea 100644
--- a/test/esm-lib/quibble-esm.test.mjs
+++ b/test/esm-lib/quibble-esm.test.mjs
@@ -104,6 +104,34 @@ export default {
     const { default: result } = await import('is-promise')
     assert.equal(result(), 42)
   },
+  'mock a 3rd party lib that only the caller can resolve': async function () {
+    // Lives in test/esm-lib/node_modules, so it can't be resolved from quibble's
+    // own lib directory (like a dependency installed by pnpm)
+    await quibble.esm('a-dependency-of-the-tests', { namedExport: 'replacement' }, 'default-export-replacement')
+
+    const result = await import('a-dependency-of-the-tests')
+    assert.equal(result.default, 'default-export-replacement')
+    assert.equal(result.namedExport, 'replacement')
+  },
+  'mock the caller\'s copy of a 3rd party lib when quibble can resolve a different copy': async function () {
+    // test/esm-lib/node_modules/is-number shadows the real one in the root
+    // node_modules, which is the one quibble's own lib directory resolves to
+    // (like a pnpm monorepo where packages need different versions of it)
+    await quibble.esm('is-number', undefined, () => 'replacement')
+
+    const { default: isNumber } = await import('is-number')
+    assert.equal(isNumber(), 'replacement')
+  },
+  'mock a 3rd party lib that only the caller of a wrapper that ignores itself can resolve': async function () {
+    // Like testdouble.js's td.replaceEsm(): the wrapper's own directory can't
+    // resolve the specifier, so it has to be resolved from this file
+    const { default: wrappedQuibbleEsm } = await import('../esm-fixtures/a-quibble-esm-wrapper.mjs')
+    await wrappedQuibbleEsm('a-dependency-of-the-tests', { namedExport: 'replacement' }, 'default-export-replacement')
+
+    const result = await import('a-dependency-of-the-tests')
+    assert.equal(result.default, 'default-export-replacement')
+    assert.equal(result.namedExport, 'replacement')
+  },
   'isLoaderLoader returns true if loader as loaded': async function () {
     assert.equal(quibble.isLoaderLoaded(), true)
   },