diff --git a/src/js_parser/fold.rs b/src/js_parser/fold.rs
index ac17087f399a..89abc250a744 100644
--- a/src/js_parser/fold.rs
+++ b/src/js_parser/fold.rs
@@ -462,7 +462,8 @@ impl<'a, const TYPESCRIPT: bool, const SCAN_ONLY: bool> P<'a, TYPESCRIPT, SCAN_O
                     if p.should_unwrap_common_js_to_esm() {
                         if !p.is_control_flow_dead && id.ref_.eql(p.exports_ref) {
                             if !p.commonjs_named_exports_deoptimized {
-                                if identifier_opts.is_delete_target() {
+                                // `exports.__proto__` is the prototype of `module.exports`, not an export.
+                                if identifier_opts.is_delete_target() || name == b"__proto__" {
                                     p.deoptimize_common_js_named_exports();
                                     return None;
                                 }
@@ -673,7 +674,7 @@ impl<'a, const TYPESCRIPT: bool, const SCAN_ONLY: bool> P<'a, TYPESCRIPT, SCAN_O
                         if p.should_unwrap_common_js_to_esm() {
                             if !p.is_control_flow_dead {
                                 if !p.commonjs_named_exports_deoptimized {
-                                    if identifier_opts.is_delete_target() {
+                                    if identifier_opts.is_delete_target() || name == b"__proto__" {
                                         p.deoptimize_common_js_named_exports();
                                         return None;
                                     }
diff --git a/test/bundler/bundler_cjs2esm.test.ts b/test/bundler/bundler_cjs2esm.test.ts
index 7c5964726e11..40ccd5f64a7d 100644
--- a/test/bundler/bundler_cjs2esm.test.ts
+++ b/test/bundler/bundler_cjs2esm.test.ts
@@ -2280,6 +2280,43 @@ describe("bundler", () => {
       stdout: "1 2 false",
     },
   });
+  // `exports.__proto__` is the prototype of `module.exports`, not an export
+  // named "__proto__". A lifted binding plus a namespace getter cannot stand in
+  // for it, so these files keep their `__commonJS` wrapper.
+  itBundled("cjs2esm/ExportsProtoMemberKeepsWrapper", {
+    files: {
+      "/entry.js": /* js */ `
+        import dot, * as dotNs from "./dot.cjs";
+        import bracket from "./bracket.cjs";
+        import viaModule from "./module.cjs";
+        import read, { c } from "./read.cjs";
+        const describe = m => [Object.keys(m), Object.hasOwn(m, "__proto__"), m.inherited, Object.getPrototypeOf(m).inherited];
+        console.log(JSON.stringify([describe(dot), describe(bracket), describe(viaModule), dotNs.a, dotNs.default === dot, read.isObjectPrototype, c]));
+      `,
+      "/dot.cjs": /* js */ `
+        exports.__proto__ = { inherited: 1 };
+        exports.a = 1;
+      `,
+      "/bracket.cjs": /* js */ `
+        exports.b = 2;
+        exports["__proto__"] = { inherited: 2 };
+      `,
+      "/module.cjs": /* js */ `
+        module.exports.c = 3;
+        module.exports.__proto__ = { inherited: 3 };
+      `,
+      "/read.cjs": /* js */ `
+        exports.c = 4;
+        exports.isObjectPrototype = exports.__proto__ === Object.prototype;
+      `,
+    },
+    cjs2esm: {
+      unhandled: ["/dot.cjs", "/bracket.cjs", "/module.cjs", "/read.cjs"],
+    },
+    run: {
+      stdout: JSON.stringify([[["a"], false, 1, 1], [["b"], false, 2, 2], [["c"], false, 3, 3], 1, true, true, 4]),
+    },
+  });
   // Module code makes a top-level function declaration lexical, so a `var`
   // with the same name is a SyntaxError there. A function body allows it, so
   // these files keep their `__commonJS` wrapper. In sloppy mode the bundler