diff --git a/packages/core/core/src/BundleGraph.js b/packages/core/core/src/BundleGraph.js
index f17ef135267..94dddb16617 100644
--- a/packages/core/core/src/BundleGraph.js
+++ b/packages/core/core/src/BundleGraph.js
@@ -417,6 +417,7 @@ export default class BundleGraph {
     };
   }
 
+  // eslint-disable-next-line no-unused-vars
   getReferencedBundle(dependency: Dependency, fromBundle: Bundle): ?Bundle {
     let dependencyNodeId = this._graph.getNodeIdByContentKey(dependency.id);
 
@@ -436,24 +437,18 @@ export default class BundleGraph {
       });
     }
 
-    // Otherwise, it may be a reference to another asset in the same bundle group.
-    // Resolve the dependency to an asset, and look for it in one of the referenced bundles.
-    let referencedBundles = this.getReferencedBundles(fromBundle, {
-      includeInline: true,
-    });
-    let referenced = this._graph
+    // Otherwise, find an attached bundle via a reference edge (e.g. from createAssetReference).
+    let bundleNode = this._graph
       .getNodeIdsConnectedFrom(
         dependencyNodeId,
         bundleGraphEdgeTypes.references,
       )
       .map(id => nullthrows(this._graph.getNode(id)))
-      .find(node => node.type === 'asset');
+      .find(node => node.type === 'bundle');
 
-    if (referenced != null) {
-      invariant(referenced.type === 'asset');
-      return referencedBundles.find(b =>
-        this.bundleHasAsset(b, referenced.value),
-      );
+    if (bundleNode) {
+      invariant(bundleNode.type === 'bundle');
+      return bundleNode.value;
     }
   }
 
diff --git a/packages/core/integration-tests/test/cache.js b/packages/core/integration-tests/test/cache.js
index 817f6c1f5ba..de60bceb491 100644
--- a/packages/core/integration-tests/test/cache.js
+++ b/packages/core/integration-tests/test/cache.js
@@ -2,11 +2,13 @@
 import type {InitialParcelOptions, BuildSuccessEvent} from '@parcel/types';
 import assert from 'assert';
 import invariant from 'assert';
+import nullthrows from 'nullthrows';
 import path from 'path';
 import {
   assertBundles,
   bundler,
   run,
+  runBundle as runSingleBundle,
   overlayFS,
   outputFS,
   inputFS,
@@ -149,9 +151,9 @@ describe('cache', function () {
   });
 
   it('should support adding a dependency which changes the referenced bundles of a parent bundle', async function () {
-    async function exec(bundleGraph) {
+    async function exec(bundleGraph, bundle) {
       let calls = [];
-      await run(bundleGraph, {
+      await runSingleBundle(bundleGraph, nullthrows(bundle), {
         call(v) {
           calls.push(v);
         },
@@ -161,19 +163,28 @@ describe('cache', function () {
 
     let b = await testCache(
       {
-        entries: ['index.html'],
+        entries: ['a.html', 'b.html'],
+        mode: 'production',
         update: async b => {
-          assert.deepEqual(await exec(b.bundleGraph), ['a', 'b']);
+          let html = b.bundleGraph.getBundles().filter(b => b.type === 'html');
+          assert.deepEqual(await exec(b.bundleGraph, html[0]), ['a']);
+          assert.deepEqual(await exec(b.bundleGraph, html[1]), ['b']);
           await overlayFS.writeFile(
             path.join(inputDir, 'a.js'),
-            'import "./b.js"; call("a");',
+            'import "./c.js"; call("a");',
+          );
+          await overlayFS.writeFile(
+            path.join(inputDir, 'b.js'),
+            'import "./c.js"; call("b");',
           );
         },
       },
       'cache-add-dep-referenced',
     );
 
-    assert.deepEqual(await exec(b.bundleGraph), ['b', 'a']);
+    let html = b.bundleGraph.getBundles().filter(b => b.type === 'html');
+    assert.deepEqual(await exec(b.bundleGraph, html[0]), ['c', 'a']);
+    assert.deepEqual(await exec(b.bundleGraph, html[1]), ['c', 'b']);
   });
 
   it('should error when deleting a file', async function () {
diff --git a/packages/core/integration-tests/test/integration/cache-add-dep-referenced/index.html b/packages/core/integration-tests/test/integration/cache-add-dep-referenced/a.html
similarity index 57%
rename from packages/core/integration-tests/test/integration/cache-add-dep-referenced/index.html
rename to packages/core/integration-tests/test/integration/cache-add-dep-referenced/a.html
index 1efba3d84ad..c85cb84ecfa 100644
--- a/packages/core/integration-tests/test/integration/cache-add-dep-referenced/index.html
+++ b/packages/core/integration-tests/test/integration/cache-add-dep-referenced/a.html
@@ -1,3 +1,2 @@
 <!DOCTYPE html>
 <script type="module" src="./a.js"></script>
-<script type="module" src="./b.js"></script>
diff --git a/packages/core/integration-tests/test/integration/cache-add-dep-referenced/b.html b/packages/core/integration-tests/test/integration/cache-add-dep-referenced/b.html
new file mode 100644
index 00000000000..c1fa1bf97bc
--- /dev/null
+++ b/packages/core/integration-tests/test/integration/cache-add-dep-referenced/b.html
@@ -0,0 +1,2 @@
+<!DOCTYPE html>
+<script type="module" src="./b.js"></script>
diff --git a/packages/core/integration-tests/test/integration/cache-add-dep-referenced/c.js b/packages/core/integration-tests/test/integration/cache-add-dep-referenced/c.js
new file mode 100644
index 00000000000..2c935611eab
--- /dev/null
+++ b/packages/core/integration-tests/test/integration/cache-add-dep-referenced/c.js
@@ -0,0 +1 @@
+call("c");
diff --git a/packages/core/integration-tests/test/integration/cache-add-dep-referenced/package.json b/packages/core/integration-tests/test/integration/cache-add-dep-referenced/package.json
new file mode 100644
index 00000000000..c5f216e03fd
--- /dev/null
+++ b/packages/core/integration-tests/test/integration/cache-add-dep-referenced/package.json
@@ -0,0 +1,5 @@
+{
+  "@parcel/bundler-default": {
+    "minBundleSize": 0
+  }
+}
diff --git a/packages/core/integration-tests/test/integration/cache-add-dep-referenced/yarn.lock b/packages/core/integration-tests/test/integration/cache-add-dep-referenced/yarn.lock
new file mode 100644
index 00000000000..e69de29bb2d