diff --git a/dev/tasks/conda-recipes/arrow-cpp/build-pyarrow.sh b/dev/tasks/conda-recipes/arrow-cpp/build-pyarrow.sh
index 18a65fccd0a..d0fb55de580 100755
--- a/dev/tasks/conda-recipes/arrow-cpp/build-pyarrow.sh
+++ b/dev/tasks/conda-recipes/arrow-cpp/build-pyarrow.sh
@@ -9,6 +9,7 @@ export PARQUET_HOME=$PREFIX
 export SETUPTOOLS_SCM_PRETEND_VERSION=$PKG_VERSION
 export PYARROW_BUILD_TYPE=release
 export PYARROW_BUNDLE_ARROW_CPP_HEADERS=0
+export PYARROW_BUNDLE_PLASMA_EXECUTABLE=0
 export PYARROW_WITH_DATASET=1
 export PYARROW_WITH_FLIGHT=1
 export PYARROW_WITH_GANDIVA=1
diff --git a/dev/tasks/conda-recipes/arrow-cpp/meta.yaml b/dev/tasks/conda-recipes/arrow-cpp/meta.yaml
index da6d872ee05..b5a2bec769a 100644
--- a/dev/tasks/conda-recipes/arrow-cpp/meta.yaml
+++ b/dev/tasks/conda-recipes/arrow-cpp/meta.yaml
@@ -217,6 +217,7 @@ outputs:
         # CUDA device is not available, for instance, when building from CI.
         - pyarrow.cuda     # [cuda_compiler_version not in (undefined, "None")]
       commands:
+        - test ! -f ${SP_DIR}/pyarrow/plasma-store-server       # [unix]
         - test ! -f ${SP_DIR}/pyarrow/tests/test_array.py       # [unix]
         - if exist %SP_DIR%/pyarrow/tests/test_array.py exit 1  # [win]
   - name: pyarrow-tests
diff --git a/python/pyarrow/plasma.py b/python/pyarrow/plasma.py
index a4bf79bb42b..239d29094e6 100644
--- a/python/pyarrow/plasma.py
+++ b/python/pyarrow/plasma.py
@@ -106,6 +106,10 @@ def start_plasma_store(plasma_store_memory,
         plasma_store_name = os.path.join(tmpdir, 'plasma.sock')
         plasma_store_executable = os.path.join(
             pa.__path__[0], "plasma-store-server")
+        if not os.path.exists(plasma_store_executable):
+            # Fallback to sys.prefix/bin/ (conda)
+            plasma_store_executable = os.path.join(
+                sys.prefix, "bin", "plasma-store-server")
         command = [plasma_store_executable,
                    "-s", plasma_store_name,
                    "-m", str(plasma_store_memory)]
diff --git a/python/setup.py b/python/setup.py
index b96afd3dcb8..d803f7684d5 100755
--- a/python/setup.py
+++ b/python/setup.py
@@ -123,7 +123,9 @@ def run(self):
                      ('bundle-arrow-cpp', None,
                       'bundle the Arrow C++ libraries'),
                      ('bundle-arrow-cpp-headers', None,
-                      'bundle the Arrow C++ headers')] +
+                      'bundle the Arrow C++ headers'),
+                     ('bundle-plasma-executable', None,
+                      'bundle the plasma-store-server executable')] +
                     _build_ext.user_options)
 
     def initialize_options(self):
@@ -179,6 +181,8 @@ def initialize_options(self):
             os.environ.get('PYARROW_BUNDLE_BOOST', '0'))
         self.bundle_arrow_cpp_headers = strtobool(
             os.environ.get('PYARROW_BUNDLE_ARROW_CPP_HEADERS', '1'))
+        self.bundle_plasma_executable = strtobool(
+            os.environ.get('PYARROW_BUNDLE_PLASMA_EXECUTABLE', '1'))
 
     CYTHON_MODULE_NAMES = [
         'lib',
@@ -350,7 +354,7 @@ def append_cmake_bool(value, varname):
             if self.bundle_arrow_cpp:
                 self._bundle_arrow_cpp(build_prefix, build_lib)
 
-            if self.with_plasma:
+            if self.with_plasma and self.bundle_plasma_executable:
                 # Move the plasma store
                 source = os.path.join(self.build_type, "plasma-store-server")
                 target = os.path.join(build_lib,