diff --git a/packages/commonjs/README.md b/packages/commonjs/README.md
index 073cb735e..09e82a8e7 100644
--- a/packages/commonjs/README.md
+++ b/packages/commonjs/README.md
@@ -113,6 +113,17 @@ Default: `false`
 
 Instructs the plugin whether to enable mixed module transformations. This is useful in scenarios with modules that contain a mix of ES `import` statements and CommonJS `require` expressions. Set to `true` if `require` calls should be transformed to imports in mixed modules, or `false` if the `require` expressions should survive the transformation. The latter can be important if the code contains environment detection, or you are coding for an environment with special treatment for `require` calls such as [ElectronJS](https://www.electronjs.org/). See also the "ignore" option.
 
+### `strictRequireSemantic`
+
+Type: `boolean | string | string[]`<br>
+Default: `false`
+
+By default, this plugin will try to hoist all `require` statements as imports to the top of each file. While this works well for many code bases and allows for very efficient ESM output, it does not perfectly capture CommonJS semantics. This is especially problematic when there are circular `require` calls between CommonJS modules as those often rely on the lazy execution of nested `require` calls.
+
+Setting this option to `true` will wrap all CommonJS files in functions which are executed when they are required for the first time, preserving NodeJS semantics. Note that this can have a small impact on the size and performance of the generated code.
+
+You can also provide a [minimatch pattern](https://github.com/isaacs/minimatch), or array of patterns, to only specify a subset of files which should be wrapped in functions for proper `require` semantics.
+
 ### `ignore`
 
 Type: `string[] | ((id: string) => boolean)`<br>
diff --git a/packages/commonjs/package.json b/packages/commonjs/package.json
index a93b7ecf6..ca6f51bed 100644
--- a/packages/commonjs/package.json
+++ b/packages/commonjs/package.json
@@ -47,7 +47,7 @@
     "require"
   ],
   "peerDependencies": {
-    "rollup": "^2.38.3"
+    "rollup": "^2.61.1"
   },
   "dependencies": {
     "@rollup/pluginutils": "^3.1.0",
diff --git a/packages/commonjs/src/generate-imports.js b/packages/commonjs/src/generate-imports.js
index a39ac5977..187572c6a 100644
--- a/packages/commonjs/src/generate-imports.js
+++ b/packages/commonjs/src/generate-imports.js
@@ -2,14 +2,7 @@ import { dirname, resolve } from 'path';
 
 import { sync as nodeResolveSync } from 'resolve';
 
-import {
-  EXPORTS_SUFFIX,
-  HELPERS_ID,
-  MODULE_SUFFIX,
-  PROXY_SUFFIX,
-  REQUIRE_SUFFIX,
-  wrapId
-} from './helpers';
+import { EXPORTS_SUFFIX, HELPERS_ID, MODULE_SUFFIX, PROXY_SUFFIX, wrapId } from './helpers';
 import { normalizePathSlashes } from './utils';
 
 export function isRequireStatement(node, scope) {
@@ -153,12 +146,9 @@ export function getRequireHandlers() {
       );
     }
     for (const source of dynamicRegisterSources) {
-      imports.push(`import ${JSON.stringify(wrapId(source, REQUIRE_SUFFIX))};`);
+      imports.push(`import ${JSON.stringify(source)};`);
     }
     for (const source of requiredSources) {
-      if (!source.startsWith('\0')) {
-        imports.push(`import ${JSON.stringify(wrapId(source, REQUIRE_SUFFIX))};`);
-      }
       const { name, nodesUsingRequired } = requiredBySource[source];
       imports.push(
         `import ${nodesUsingRequired.length ? `${name} from ` : ''}${JSON.stringify(
diff --git a/packages/commonjs/src/helpers.js b/packages/commonjs/src/helpers.js
index b358a9d0c..94f6c5719 100644
--- a/packages/commonjs/src/helpers.js
+++ b/packages/commonjs/src/helpers.js
@@ -3,7 +3,6 @@ export const wrapId = (id, suffix) => `\0${id}${suffix}`;
 export const unwrapId = (wrappedId, suffix) => wrappedId.slice(1, -suffix.length);
 
 export const PROXY_SUFFIX = '?commonjs-proxy';
-export const REQUIRE_SUFFIX = '?commonjs-require';
 export const EXTERNAL_SUFFIX = '?commonjs-external';
 export const EXPORTS_SUFFIX = '?commonjs-exports';
 export const MODULE_SUFFIX = '?commonjs-module';
diff --git a/packages/commonjs/src/index.js b/packages/commonjs/src/index.js
index 1a6abfc37..66e312bb3 100644
--- a/packages/commonjs/src/index.js
+++ b/packages/commonjs/src/index.js
@@ -26,7 +26,6 @@ import {
   PROXY_SUFFIX,
   unwrapId
 } from './helpers';
-import { setCommonJSMetaPromise } from './is-cjs';
 import { hasCjsKeywords } from './parse';
 import {
   getDynamicJsonProxy,
@@ -43,6 +42,12 @@ import { getName, getVirtualPathForDynamicRequirePath, normalizePathSlashes } fr
 export default function commonjs(options = {}) {
   const extensions = options.extensions || ['.js'];
   const filter = createFilter(options.include, options.exclude);
+  const strictRequireSemanticFilter =
+    options.strictRequireSemantic === true
+      ? () => true
+      : !options.strictRequireSemantic
+      ? () => false
+      : createFilter(options.strictRequireSemantic);
   const {
     ignoreGlobal,
     ignoreDynamicRequires,
@@ -77,7 +82,6 @@ export default function commonjs(options = {}) {
 
   const esModulesWithDefaultExport = new Set();
   const esModulesWithNamedExports = new Set();
-  const commonJsMetaPromises = new Map();
 
   const ignoreRequire =
     typeof options.ignore === 'function'
@@ -248,7 +252,7 @@ export default function commonjs(options = {}) {
           getRequireReturnsDefault(actualId),
           esModulesWithDefaultExport,
           esModulesWithNamedExports,
-          commonJsMetaPromises
+          this.load
         );
       }
 
@@ -277,14 +281,6 @@ export default function commonjs(options = {}) {
       } catch (err) {
         return this.error(err, err.loc);
       }
-    },
-
-    moduleParsed({ id, meta: { commonjs: commonjsMeta } }) {
-      if (commonjsMeta && commonjsMeta.isCommonJS != null) {
-        setCommonJSMetaPromise(commonJsMetaPromises, id, commonjsMeta);
-        return;
-      }
-      setCommonJSMetaPromise(commonJsMetaPromises, id, null);
     }
   };
 }
diff --git a/packages/commonjs/src/is-cjs.js b/packages/commonjs/src/is-cjs.js
deleted file mode 100644
index 8c88f09fa..000000000
--- a/packages/commonjs/src/is-cjs.js
+++ /dev/null
@@ -1,27 +0,0 @@
-export function getCommonJSMetaPromise(commonJSMetaPromises, id) {
-  let commonJSMetaPromise = commonJSMetaPromises.get(id);
-  if (commonJSMetaPromise) return commonJSMetaPromise.promise;
-
-  const promise = new Promise((resolve) => {
-    commonJSMetaPromise = {
-      resolve,
-      promise: null
-    };
-    commonJSMetaPromises.set(id, commonJSMetaPromise);
-  });
-  commonJSMetaPromise.promise = promise;
-
-  return promise;
-}
-
-export function setCommonJSMetaPromise(commonJSMetaPromises, id, commonjsMeta) {
-  const commonJSMetaPromise = commonJSMetaPromises.get(id);
-  if (commonJSMetaPromise) {
-    if (commonJSMetaPromise.resolve) {
-      commonJSMetaPromise.resolve(commonjsMeta);
-      commonJSMetaPromise.resolve = null;
-    }
-  } else {
-    commonJSMetaPromises.set(id, { promise: Promise.resolve(commonjsMeta), resolve: null });
-  }
-}
diff --git a/packages/commonjs/src/proxies.js b/packages/commonjs/src/proxies.js
index f8050bc6a..125a3d5f3 100644
--- a/packages/commonjs/src/proxies.js
+++ b/packages/commonjs/src/proxies.js
@@ -1,7 +1,6 @@
 import { readFileSync } from 'fs';
 
 import { DYNAMIC_JSON_PREFIX, HELPERS_ID } from './helpers';
-import { getCommonJSMetaPromise } from './is-cjs';
 import { getName, getVirtualPathForDynamicRequirePath, normalizePathSlashes } from './utils';
 
 // e.g. id === "commonjsHelpers?commonjsRegister"
@@ -16,11 +15,11 @@ export function getUnknownRequireProxy(id, requireReturnsDefault) {
   const name = getName(id);
   const exported =
     requireReturnsDefault === 'auto'
-      ? `import {getDefaultExportFromNamespaceIfNotNamed} from "${HELPERS_ID}"; export default /*@__PURE__*/getDefaultExportFromNamespaceIfNotNamed(${name});`
+      ? `import { getDefaultExportFromNamespaceIfNotNamed } from "${HELPERS_ID}"; export default /*@__PURE__*/getDefaultExportFromNamespaceIfNotNamed(${name});`
       : requireReturnsDefault === 'preferred'
-      ? `import {getDefaultExportFromNamespaceIfPresent} from "${HELPERS_ID}"; export default /*@__PURE__*/getDefaultExportFromNamespaceIfPresent(${name});`
+      ? `import { getDefaultExportFromNamespaceIfPresent } from "${HELPERS_ID}"; export default /*@__PURE__*/getDefaultExportFromNamespaceIfPresent(${name});`
       : !requireReturnsDefault
-      ? `import {getAugmentedNamespace} from "${HELPERS_ID}"; export default /*@__PURE__*/getAugmentedNamespace(${name});`
+      ? `import { getAugmentedNamespace } from "${HELPERS_ID}"; export default /*@__PURE__*/getAugmentedNamespace(${name});`
       : `export default ${name};`;
   return `import * as ${name} from ${JSON.stringify(id)}; ${exported}`;
 }
@@ -47,13 +46,15 @@ export async function getStaticRequireProxy(
   requireReturnsDefault,
   esModulesWithDefaultExport,
   esModulesWithNamedExports,
-  commonJsMetaPromises
+  loadModule
 ) {
   const name = getName(id);
-  const commonjsMeta = await getCommonJSMetaPromise(commonJsMetaPromises, id);
+  const {
+    meta: { commonjs: commonjsMeta }
+  } = await loadModule({ id });
   if (commonjsMeta && commonjsMeta.isCommonJS) {
     return `export { __moduleExports as default } from ${JSON.stringify(id)};`;
-  } else if (commonjsMeta === null) {
+  } else if (!commonjsMeta) {
     return getUnknownRequireProxy(id, requireReturnsDefault);
   } else if (!requireReturnsDefault) {
     return `import { getAugmentedNamespace } from "${HELPERS_ID}"; import * as ${name} from ${JSON.stringify(
diff --git a/packages/commonjs/src/resolve-id.js b/packages/commonjs/src/resolve-id.js
index c22fe98b7..3a3b9a00a 100644
--- a/packages/commonjs/src/resolve-id.js
+++ b/packages/commonjs/src/resolve-id.js
@@ -13,7 +13,6 @@ import {
   isWrappedId,
   MODULE_SUFFIX,
   PROXY_SUFFIX,
-  REQUIRE_SUFFIX,
   unwrapId,
   wrapId
 } from './helpers';
@@ -66,14 +65,11 @@ export default function getResolveId(extensions) {
     }
 
     const isProxyModule = isWrappedId(importee, PROXY_SUFFIX);
-    const isRequiredModule = isWrappedId(importee, REQUIRE_SUFFIX);
     let isModuleRegistration = false;
 
     if (isProxyModule) {
       importee = unwrapId(importee, PROXY_SUFFIX);
-    } else if (isRequiredModule) {
-      importee = unwrapId(importee, REQUIRE_SUFFIX);
-
+    } else {
       isModuleRegistration = isWrappedId(importee, DYNAMIC_REGISTER_SUFFIX);
       if (isModuleRegistration) {
         importee = unwrapId(importee, DYNAMIC_REGISTER_SUFFIX);
@@ -98,20 +94,29 @@ export default function getResolveId(extensions) {
       Object.assign({}, resolveOptions, {
         skipSelf: true,
         custom: Object.assign({}, resolveOptions.custom, {
-          'node-resolve': { isRequire: isProxyModule || isRequiredModule }
+          'node-resolve': { isRequire: isProxyModule || isModuleRegistration }
         })
       })
     ).then((resolved) => {
       if (!resolved) {
         resolved = resolveExtensions(importee, importer);
       }
-      if (resolved && isProxyModule) {
-        resolved.id = wrapId(resolved.id, resolved.external ? EXTERNAL_SUFFIX : PROXY_SUFFIX);
-        resolved.external = false;
-      } else if (resolved && isModuleRegistration) {
-        resolved.id = wrapId(resolved.id, DYNAMIC_REGISTER_SUFFIX);
-      } else if (!resolved && (isProxyModule || isRequiredModule)) {
-        return { id: wrapId(importee, EXTERNAL_SUFFIX), external: false };
+      if (isProxyModule) {
+        if (!resolved || resolved.external) {
+          return {
+            id: wrapId(resolved ? resolved.id : importee, EXTERNAL_SUFFIX),
+            external: false
+          };
+        }
+        // This will make sure meta properties in "resolved" are correctly attached to the module
+        this.load(resolved);
+        return {
+          id: wrapId(resolved.id, PROXY_SUFFIX),
+          external: false
+        };
+      }
+      if (resolved && isModuleRegistration) {
+        return { id: wrapId(resolved.id, DYNAMIC_REGISTER_SUFFIX), external: false };
       }
       return resolved;
     });
diff --git a/packages/commonjs/src/transform-commonjs.js b/packages/commonjs/src/transform-commonjs.js
index a86041c63..7698bf9f4 100644
--- a/packages/commonjs/src/transform-commonjs.js
+++ b/packages/commonjs/src/transform-commonjs.js
@@ -82,11 +82,8 @@ export default function transformCommonjs(
   const dynamicRegisterSources = new Set();
   let hasRemovedRequire = false;
 
-  const {
-    addRequireStatement,
-    requiredSources,
-    rewriteRequireExpressionsAndGetImportBlock
-  } = getRequireHandlers();
+  const { addRequireStatement, requiredSources, rewriteRequireExpressionsAndGetImportBlock } =
+    getRequireHandlers();
 
   // See which names are assigned to. This is necessary to prevent
   // illegally replacing `var foo = require('foo')` with `import foo from 'foo'`,
@@ -235,10 +232,8 @@ export default function transformCommonjs(
             let shouldRemoveRequireStatement = false;
 
             if (currentTryBlockEnd !== null) {
-              ({
-                canConvertRequire,
-                shouldRemoveRequireStatement
-              } = getIgnoreTryCatchRequireStatementMode(node.arguments[0].value));
+              ({ canConvertRequire, shouldRemoveRequireStatement } =
+                getIgnoreTryCatchRequireStatementMode(node.arguments[0].value));
 
               if (shouldRemoveRequireStatement) {
                 hasRemovedRequire = true;
diff --git a/packages/commonjs/test/fixtures/form/constant-template-literal/output.js b/packages/commonjs/test/fixtures/form/constant-template-literal/output.js
index ec6ef23c9..96927381c 100644
--- a/packages/commonjs/test/fixtures/form/constant-template-literal/output.js
+++ b/packages/commonjs/test/fixtures/form/constant-template-literal/output.js
@@ -1,6 +1,5 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
 import { __exports as input } from "\u0000fixtures/form/constant-template-literal/input.js?commonjs-exports"
-import "\u0000tape?commonjs-require";
 import require$$0 from "\u0000tape?commonjs-proxy";
 
 var foo = require$$0;
diff --git a/packages/commonjs/test/fixtures/form/defaultIsModuleExports-auto-reassign-exports-no-__esModule/output.js b/packages/commonjs/test/fixtures/form/defaultIsModuleExports-auto-reassign-exports-no-__esModule/output.js
index ac266b81e..a0c3ed4d7 100644
--- a/packages/commonjs/test/fixtures/form/defaultIsModuleExports-auto-reassign-exports-no-__esModule/output.js
+++ b/packages/commonjs/test/fixtures/form/defaultIsModuleExports-auto-reassign-exports-no-__esModule/output.js
@@ -3,4 +3,4 @@ import * as commonjsHelpers from "_commonjsHelpers.js";
 var input = { default: { foo: 'bar' }}
 
 export default input;
-export { input as __moduleExports };
\ No newline at end of file
+export { input as __moduleExports };
diff --git a/packages/commonjs/test/fixtures/form/ignore-ids-function/output.js b/packages/commonjs/test/fixtures/form/ignore-ids-function/output.js
index 8e03d7deb..496cc2ba8 100644
--- a/packages/commonjs/test/fixtures/form/ignore-ids-function/output.js
+++ b/packages/commonjs/test/fixtures/form/ignore-ids-function/output.js
@@ -1,6 +1,5 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
 import { __exports as input } from "\u0000fixtures/form/ignore-ids-function/input.js?commonjs-exports"
-import "\u0000bar?commonjs-require";
 import require$$0 from "\u0000bar?commonjs-proxy";
 
 var foo = require( 'foo' );
diff --git a/packages/commonjs/test/fixtures/form/ignore-ids/output.js b/packages/commonjs/test/fixtures/form/ignore-ids/output.js
index 278e805a2..0df09cce8 100644
--- a/packages/commonjs/test/fixtures/form/ignore-ids/output.js
+++ b/packages/commonjs/test/fixtures/form/ignore-ids/output.js
@@ -1,6 +1,5 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
 import { __exports as input } from "\u0000fixtures/form/ignore-ids/input.js?commonjs-exports"
-import "\u0000bar?commonjs-require";
 import require$$0 from "\u0000bar?commonjs-proxy";
 
 var foo = require( 'foo' );
diff --git a/packages/commonjs/test/fixtures/form/multi-entry-module-exports/output1.js b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/output1.js
index 7cf227a40..060d12a53 100644
--- a/packages/commonjs/test/fixtures/form/multi-entry-module-exports/output1.js
+++ b/packages/commonjs/test/fixtures/form/multi-entry-module-exports/output1.js
@@ -1,5 +1,4 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
-import "\u0000./input2.js?commonjs-require";
 import require$$0 from "\u0000./input2.js?commonjs-proxy";
 
 const t2 = require$$0;
diff --git a/packages/commonjs/test/fixtures/form/multiple-var-declarations-b/output.js b/packages/commonjs/test/fixtures/form/multiple-var-declarations-b/output.js
index 2537be812..7fc075484 100644
--- a/packages/commonjs/test/fixtures/form/multiple-var-declarations-b/output.js
+++ b/packages/commonjs/test/fixtures/form/multiple-var-declarations-b/output.js
@@ -1,6 +1,5 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
 import { __exports as input } from "\u0000fixtures/form/multiple-var-declarations-b/input.js?commonjs-exports"
-import "\u0000./a?commonjs-require";
 import require$$0 from "\u0000./a?commonjs-proxy";
 
 var a = require$$0
diff --git a/packages/commonjs/test/fixtures/form/multiple-var-declarations-c/output.js b/packages/commonjs/test/fixtures/form/multiple-var-declarations-c/output.js
index 0e9886246..e8542c6c5 100644
--- a/packages/commonjs/test/fixtures/form/multiple-var-declarations-c/output.js
+++ b/packages/commonjs/test/fixtures/form/multiple-var-declarations-c/output.js
@@ -1,6 +1,5 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
 import { __exports as input } from "\u0000fixtures/form/multiple-var-declarations-c/input.js?commonjs-exports"
-import "\u0000./b?commonjs-require";
 import require$$0 from "\u0000./b?commonjs-proxy";
 
 var a = 'a'
diff --git a/packages/commonjs/test/fixtures/form/multiple-var-declarations/output.js b/packages/commonjs/test/fixtures/form/multiple-var-declarations/output.js
index 275bd35b0..a7de41c4b 100644
--- a/packages/commonjs/test/fixtures/form/multiple-var-declarations/output.js
+++ b/packages/commonjs/test/fixtures/form/multiple-var-declarations/output.js
@@ -1,8 +1,6 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
 import { __exports as input } from "\u0000fixtures/form/multiple-var-declarations/input.js?commonjs-exports"
-import "\u0000./a?commonjs-require";
 import require$$0 from "\u0000./a?commonjs-proxy";
-import "\u0000./b?commonjs-require";
 import require$$1 from "\u0000./b?commonjs-proxy";
 
 var a = require$$0()
diff --git a/packages/commonjs/test/fixtures/form/no-exports-entry/output.js b/packages/commonjs/test/fixtures/form/no-exports-entry/output.js
index b9a72362d..45a5c8495 100644
--- a/packages/commonjs/test/fixtures/form/no-exports-entry/output.js
+++ b/packages/commonjs/test/fixtures/form/no-exports-entry/output.js
@@ -1,6 +1,5 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
 import { __exports as input_1 } from "\u0000fixtures/form/no-exports-entry/input.js?commonjs-exports"
-import "\u0000./dummy?commonjs-require";
 import require$$0 from "\u0000./dummy?commonjs-proxy";
 
 var dummy = require$$0;
diff --git a/packages/commonjs/test/fixtures/form/require-collision/output.js b/packages/commonjs/test/fixtures/form/require-collision/output.js
index ff0f5b1ba..401ca324b 100644
--- a/packages/commonjs/test/fixtures/form/require-collision/output.js
+++ b/packages/commonjs/test/fixtures/form/require-collision/output.js
@@ -1,6 +1,5 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
 import { __exports as input } from "\u0000fixtures/form/require-collision/input.js?commonjs-exports"
-import "\u0000foo?commonjs-require";
 import require$$1 from "\u0000foo?commonjs-proxy";
 
 (function() {
diff --git a/packages/commonjs/test/fixtures/form/unambiguous-with-default-export/output.js b/packages/commonjs/test/fixtures/form/unambiguous-with-default-export/output.js
index fb8c36ea6..00f1c462a 100644
--- a/packages/commonjs/test/fixtures/form/unambiguous-with-default-export/output.js
+++ b/packages/commonjs/test/fixtures/form/unambiguous-with-default-export/output.js
@@ -1,6 +1,5 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
 import { __exports as input } from "\u0000fixtures/form/unambiguous-with-default-export/input.js?commonjs-exports"
-import "\u0000./foo.js?commonjs-require";
 import "\u0000./foo.js?commonjs-proxy";
 
 export default {};
diff --git a/packages/commonjs/test/fixtures/form/unambiguous-with-import/output.js b/packages/commonjs/test/fixtures/form/unambiguous-with-import/output.js
index 2b859d8d7..b045cc0bd 100644
--- a/packages/commonjs/test/fixtures/form/unambiguous-with-import/output.js
+++ b/packages/commonjs/test/fixtures/form/unambiguous-with-import/output.js
@@ -1,6 +1,5 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
 import { __exports as input } from "\u0000fixtures/form/unambiguous-with-import/input.js?commonjs-exports"
-import "\u0000./foo.js?commonjs-require";
 import "\u0000./foo.js?commonjs-proxy";
 
 import './bar.js';
diff --git a/packages/commonjs/test/fixtures/form/unambiguous-with-named-export/output.js b/packages/commonjs/test/fixtures/form/unambiguous-with-named-export/output.js
index 98d732a34..bfa3f4e51 100644
--- a/packages/commonjs/test/fixtures/form/unambiguous-with-named-export/output.js
+++ b/packages/commonjs/test/fixtures/form/unambiguous-with-named-export/output.js
@@ -1,6 +1,5 @@
 import * as commonjsHelpers from "_commonjsHelpers.js";
 import { __exports as input } from "\u0000fixtures/form/unambiguous-with-named-export/input.js?commonjs-exports"
-import "\u0000./foo.js?commonjs-require";
 import "\u0000./foo.js?commonjs-proxy";
 
 export {};
diff --git a/packages/commonjs/test/fixtures/function/module-meta-properties/_config.js b/packages/commonjs/test/fixtures/function/module-meta-properties/_config.js
new file mode 100644
index 000000000..63b09ffad
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/module-meta-properties/_config.js
@@ -0,0 +1,27 @@
+module.exports = {
+  description: 'preserves meta properties attached to modules by resolvers',
+  options: {
+    plugins: [
+      {
+        async resolveId(source, importer, options) {
+          if (source.endsWith('dep.js')) {
+            return {
+              ...(await this.resolve(source, importer, { skipSelf: true, ...options })),
+              meta: { test: 'provided' }
+            };
+          }
+          return null;
+        },
+        moduleParsed({ id, meta: { test } }) {
+          if (id.endsWith('dep.js')) {
+            if (test !== 'provided') {
+              throw new Error(`Meta property missing for ${id}.`);
+            }
+          } else if (test === 'provided') {
+            throw new Error(`Meta property was unexpectedly added to ${id}.`);
+          }
+        }
+      }
+    ]
+  }
+};
diff --git a/packages/commonjs/test/fixtures/function/module-meta-properties/dep.js b/packages/commonjs/test/fixtures/function/module-meta-properties/dep.js
new file mode 100644
index 000000000..94ecacb72
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/module-meta-properties/dep.js
@@ -0,0 +1 @@
+exports.foo = 'foo';
diff --git a/packages/commonjs/test/fixtures/function/module-meta-properties/main.js b/packages/commonjs/test/fixtures/function/module-meta-properties/main.js
new file mode 100644
index 000000000..ccf2c9e41
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/module-meta-properties/main.js
@@ -0,0 +1,3 @@
+const dep = require('./dep.js');
+
+t.is(dep.foo, 'foo');
diff --git a/packages/commonjs/test/snapshots/function.js.md b/packages/commonjs/test/snapshots/function.js.md
index 1b9a679b2..39078a541 100644
--- a/packages/commonjs/test/snapshots/function.js.md
+++ b/packages/commonjs/test/snapshots/function.js.md
@@ -7956,3 +7956,24 @@ Generated by [AVA](https://avajs.dev).
       module.exports = main;␊
       `,
     }
+
+## module-meta-properties
+
+> Snapshot 1
+
+    {
+      'main.js': `'use strict';␊
+      ␊
+      var main = {};␊
+      ␊
+      var dep$1 = {};␊
+      ␊
+      dep$1.foo = 'foo';␊
+      ␊
+      const dep = dep$1;␊
+      ␊
+      t.is(dep.foo, 'foo');␊
+      ␊
+      module.exports = main;␊
+      `,
+    }
diff --git a/packages/commonjs/test/snapshots/function.js.snap b/packages/commonjs/test/snapshots/function.js.snap
index c0d62a8ac..0a4924df3 100644
Binary files a/packages/commonjs/test/snapshots/function.js.snap and b/packages/commonjs/test/snapshots/function.js.snap differ
diff --git a/packages/commonjs/types/index.d.ts b/packages/commonjs/types/index.d.ts
index 350d54328..24c0d8633 100644
--- a/packages/commonjs/types/index.d.ts
+++ b/packages/commonjs/types/index.d.ts
@@ -65,6 +65,24 @@ interface RollupCommonJSOptions {
    * @default false
    */
   transformMixedEsModules?: boolean;
+  /**
+   * By default, this plugin will try to hoist all `require` statements as
+   * imports to the top of each file. While this works well for many code bases
+   * and allows for very efficient ESM output, it does not perfectly capture
+   * CommonJS semantics. This is especially problematic when there are circular
+   * `require` calls between CommonJS modules as those often rely on the lazy
+   * execution of nested `require` calls.
+   *
+   * Setting this option to `true` will wrap all CommonJS files in functions
+   * which are executed when they are required for the first time, preserving
+   * NodeJS semantics. Note that this can have a small impact on the size and
+   * performance of the generated code.
+   *
+   * You can also provide a minimatch pattern, or array of patterns, to only
+   * specify a subset of files which should be wrapped in functions for proper
+   * `require` semantics.
+   */
+  strictRequireSemantic?: boolean | FilterPattern;
   /**
    * Sometimes you have to leave require statements unconverted. Pass an array
    * containing the IDs or a `id => boolean` function.