diff --git a/lib/private/Log/ExceptionSerializer.php b/lib/private/Log/ExceptionSerializer.php
index c39f3e005f065..3b52669593a0a 100644
--- a/lib/private/Log/ExceptionSerializer.php
+++ b/lib/private/Log/ExceptionSerializer.php
@@ -251,7 +251,12 @@ private function encodeArg($arg, $nestingLevel = 5) {
 			}
 
 			$objectInfo = [ '__class__' => get_class($arg) ];
-			$objectVars = get_object_vars($arg);
+			try {
+				$objectVars = get_object_vars($arg);
+			} catch (\Throwable $e) {
+				// get_object_vars may throw if $arg was a ghost and failed to build
+				$objectVars = ['__failure__' => $e->getMessage()];
+			}
 			return array_map(function ($arg) use ($nestingLevel) {
 				return $this->encodeArg($arg, $nestingLevel - 1);
 			}, array_merge($objectInfo, $objectVars));
diff --git a/tests/lib/Log/ExceptionSerializerTest.php b/tests/lib/Log/ExceptionSerializerTest.php
index e543c34f1be18..b07c8f68827c2 100644
--- a/tests/lib/Log/ExceptionSerializerTest.php
+++ b/tests/lib/Log/ExceptionSerializerTest.php
@@ -11,19 +11,37 @@
 
 use OC\Log\ExceptionSerializer;
 use OC\SystemConfig;
+use PHPUnit\Framework\Attributes\RequiresPhp;
 use Test\TestCase;
 
+class LazyObjectFixture {
+	public string $value = 'value';
+}
+
 class ExceptionSerializerTest extends TestCase {
 	private ExceptionSerializer $serializer;
+	private string|false $exceptionIgnoreArgs;
 
 	#[\Override]
 	public function setUp(): void {
 		parent::setUp();
 
+		// traces only contain arguments if this is disabled
+		$this->exceptionIgnoreArgs = ini_set('zend.exception_ignore_args', '0');
+
 		$config = $this->createMock(SystemConfig::class);
 		$this->serializer = new ExceptionSerializer($config);
 	}
 
+	#[\Override]
+	public function tearDown(): void {
+		if ($this->exceptionIgnoreArgs !== false) {
+			ini_set('zend.exception_ignore_args', $this->exceptionIgnoreArgs);
+		}
+
+		parent::tearDown();
+	}
+
 	private function emit($arguments) {
 		\call_user_func_array([$this, 'bind'], $arguments);
 	}
@@ -36,6 +54,10 @@ private function customMagicAuthThing(string $login, string $parole): void {
 		throw new \Exception('expected custom auth exception');
 	}
 
+	private function throwsWithObject(object $object): void {
+		throw new \Exception('expected exception');
+	}
+
 	/**
 	 * this test ensures that the serializer does not overwrite referenced
 	 * variables. It is crafted after a scenario we experienced: the DAV server
@@ -65,4 +87,20 @@ public function testSerializerWithRegisteredMethods(): void {
 			$this->assertFalse(isset($serializedData['Trace'][0]['args'][1]));
 		}
 	}
+
+	#[RequiresPhp('>= 8.4')]
+	public function testSerializerDoesNotInitializeLazyObjects(): void {
+		$ghost = (new \ReflectionClass(LazyObjectFixture::class))->newLazyGhost(function (): void {
+			throw new \RuntimeException('Lazy ghost could not be initialized');
+		});
+
+		try {
+			$this->throwsWithObject($ghost);
+		} catch (\Exception $e) {
+			$serializedData = $this->serializer->serializeException($e);
+		}
+
+		$this->assertSame(LazyObjectFixture::class, $serializedData['Trace'][0]['args'][0]['__class__']);
+		$this->assertSame('Lazy ghost could not be initialized', $serializedData['Trace'][0]['args'][0]['__failure__']);
+	}
 }