diff --git a/benchmark/module/module-require-exports.js b/benchmark/module/module-require-exports.js
new file mode 100644
index 000000000000..0ec41c1a1d89
--- /dev/null
+++ b/benchmark/module/module-require-exports.js
@@ -0,0 +1,43 @@
+'use strict';
+
+// require() of a package that is already loaded, from a directory other than
+// the one that first loaded it, with and without package.json "exports".
+
+const fs = require('fs');
+const path = require('path');
+const { createRequire } = require('module');
+const common = require('../common.js');
+const tmpdir = require('../../test/common/tmpdir');
+
+const bench = common.createBenchmark(main, {
+  exports: ['true', 'false'],
+  n: [1e5],
+});
+
+function main({ exports, n }) {
+  tmpdir.refresh();
+  const root = tmpdir.resolve('nodejs-benchmark-module-exports');
+  const pkgDir = path.join(root, 'node_modules', 'pkg');
+  const consumerDir = path.join(root, 'node_modules', 'consumer');
+  fs.mkdirSync(pkgDir, { recursive: true });
+  fs.mkdirSync(consumerDir);
+
+  const manifest = { name: 'pkg', main: 'index.js' };
+  if (exports === 'true') {
+    manifest.exports = './index.js';
+  }
+  fs.writeFileSync(path.join(pkgDir, 'package.json'), JSON.stringify(manifest));
+  fs.writeFileSync(path.join(pkgDir, 'index.js'), 'module.exports = {};');
+  fs.writeFileSync(path.join(consumerDir, 'index.js'),
+                   'module.exports = () => require("pkg");');
+
+  const rootRequire = createRequire(path.join(root, 'index.js'));
+  rootRequire('pkg');
+  const load = rootRequire('consumer');
+
+  bench.start();
+  for (let i = 0; i < n; i++) {
+    load();
+  }
+  bench.end(n);
+}
diff --git a/lib/internal/modules/cjs/loader.js b/lib/internal/modules/cjs/loader.js
index 2869abba8690..ea1c9192db9a 100644
--- a/lib/internal/modules/cjs/loader.js
+++ b/lib/internal/modules/cjs/loader.js
@@ -230,6 +230,11 @@ const { tracingChannel } = require('diagnostics_channel');
 const onRequire = getLazy(() => tracingChannel('module.require'));
 
 const relativeResolveCache = new SafeMap();
+// Resolutions through package.json "exports" depend on the conditions, which the
+// Module._pathCache key leaves out, so they are cached here for the default
+// conditions only.
+const exportsPathCache = new SafeMap();
+let exportsPathCacheOwner = null;
 
 let requireDepth = 0;
 let isPreloading = false;
@@ -299,6 +304,7 @@ function purgeModuleCachesForPrefix(mountPoint) {
   cleanForVfsPrefix(Module._cache, mountPoint);
   // Module._pathCache keys are `request\0parent` tokens; match on value.
   cleanForVfsPrefix(Module._pathCache, mountPoint, true);
+  cleanForVfsPrefix(exportsPathCache, mountPoint, true);
   if (statCache !== null) { cleanForVfsPrefix(statCache, mountPoint); }
 }
 
@@ -795,6 +801,21 @@ Module._findPath = function(request, paths, isMain, conditions = getCjsCondition
     return entry;
   }
 
+  // Only bare specifiers can resolve through "exports".
+  const cacheExports = !absoluteRequest && !isRelative(request) &&
+    conditions === getCjsConditions();
+  if (cacheExports) {
+    // Replacing Module._pathCache is how callers force a fresh resolution.
+    if (exportsPathCacheOwner !== Module._pathCache) {
+      exportsPathCache.clear();
+      exportsPathCacheOwner = Module._pathCache;
+    }
+    const exportsEntry = exportsPathCache.get(cacheKey);
+    if (exportsEntry !== undefined) {
+      return exportsEntry;
+    }
+  }
+
   let exts;
   const trailingSlash = request.length > 0 &&
     (StringPrototypeCharCodeAt(request, request.length - 1) === CHAR_FORWARD_SLASH || (
@@ -831,6 +852,9 @@ Module._findPath = function(request, paths, isMain, conditions = getCjsCondition
     if (!absoluteRequest) {
       const exportsResolved = resolveExports(curPath, request, conditions);
       if (exportsResolved) {
+        if (cacheExports) {
+          exportsPathCache.set(cacheKey, exportsResolved);
+        }
         return exportsResolved;
       }
     }
diff --git a/test/parallel/test-module-exports-resolution-cache.js b/test/parallel/test-module-exports-resolution-cache.js
new file mode 100644
index 000000000000..939122052ad0
--- /dev/null
+++ b/test/parallel/test-module-exports-resolution-cache.js
@@ -0,0 +1,60 @@
+'use strict';
+
+// Checks the cache for packages resolved through package.json "exports" in
+// Module._findPath(): it must not serve other conditions, and replacing
+// Module._pathCache must still force a fresh resolution.
+
+require('../common');
+const assert = require('assert');
+const fs = require('fs');
+const path = require('path');
+const Module = require('module');
+const tmpdir = require('../common/tmpdir');
+
+tmpdir.refresh();
+
+function writePackage(dir, files) {
+  fs.mkdirSync(dir, { recursive: true });
+  for (const [name, contents] of Object.entries(files)) {
+    fs.writeFileSync(path.join(dir, name), contents);
+  }
+}
+
+writePackage(tmpdir.resolve('node_modules', 'pkg'), {
+  'package.json': JSON.stringify({
+    name: 'pkg',
+    exports: { custom: './custom.js', default: './default.js' },
+  }),
+  'custom.js': '',
+  'default.js': '',
+});
+
+// Other conditions are resolved, not served the cached default result.
+{
+  const paths = Module._nodeModulePaths(tmpdir.path);
+  const defaultTarget = tmpdir.resolve('node_modules', 'pkg', 'default.js');
+  assert.strictEqual(Module._findPath('pkg', paths), defaultTarget);
+  assert.strictEqual(Module._findPath('pkg', paths), defaultTarget);
+  assert.strictEqual(
+    Module._findPath('pkg', paths, false, new Set(['custom', 'require', 'node'])),
+    tmpdir.resolve('node_modules', 'pkg', 'custom.js'),
+  );
+}
+
+// A package installed closer to the parent is found once Module._pathCache
+// has been replaced.
+{
+  const dir = tmpdir.resolve('nested');
+  fs.mkdirSync(dir);
+  const paths = Module._nodeModulePaths(dir);
+  assert.strictEqual(Module._findPath('pkg', paths),
+                     tmpdir.resolve('node_modules', 'pkg', 'default.js'));
+
+  writePackage(path.join(dir, 'node_modules', 'pkg'), {
+    'package.json': JSON.stringify({ name: 'pkg', exports: './nearer.js' }),
+    'nearer.js': '',
+  });
+  Module._pathCache = { __proto__: null };
+  assert.strictEqual(Module._findPath('pkg', paths),
+                     path.join(dir, 'node_modules', 'pkg', 'nearer.js'));
+}