diff --git a/src/install/lockfile/bun.lock.rs b/src/install/lockfile/bun.lock.rs
index 1f25d8cc6a06..b81b0cbea828 100644
--- a/src/install/lockfile/bun.lock.rs
+++ b/src/install/lockfile/bun.lock.rs
@@ -1708,6 +1708,18 @@ impl<T> PkgMap<T> {
         self.map.contains_key(path)
     }
 
+    /// The entry printed inside `pkg_path`'s own `node_modules`: the first probe of `find_resolution`.
+    fn get_nested(&self, pkg_path: &[u8], dep_name: &[u8], path_buf: &mut [u8]) -> Option<&T> {
+        let len = pkg_path.len() + 1 + dep_name.len();
+        if len > path_buf.len() {
+            return None;
+        }
+        path_buf[..pkg_path.len()].copy_from_slice(pkg_path);
+        path_buf[pkg_path.len()] = b'/';
+        path_buf[pkg_path.len() + 1..len].copy_from_slice(dep_name);
+        self.get(&path_buf[..len])
+    }
+
     fn find_resolution(
         &self,
         pkg_path: &[u8],
@@ -3088,6 +3100,7 @@ pub(crate) fn parse_into_binary_lockfile(
                 let dep_id: DependencyID = _dep_id;
                 let dep = &mut dependencies[dep_id as usize];
 
+                // Every entry at the root level is a hoisted one, so none of them is a recorded peer binding.
                 let peer_res_id = resolve_peer_dep_version_based(
                     dep,
                     catalogs,
@@ -3095,6 +3108,7 @@ pub(crate) fn parse_into_binary_lockfile(
                     overrides,
                     pkg_resolutions,
                     string_buf,
+                    || None,
                 );
                 let Some(res_id) =
                     peer_res_id.or_else(|| pkg_map.get(dep.name.slice(string_buf)).copied())
@@ -3177,6 +3191,7 @@ pub(crate) fn parse_into_binary_lockfile(
                         overrides,
                         pkg_resolutions,
                         string_buf,
+                        || pkg_map.get(workspace_node_modules).copied(),
                     );
                     let Some(res_id) = peer_res_id.or_else(|| {
                         pkg_map
@@ -3241,6 +3256,7 @@ pub(crate) fn parse_into_binary_lockfile(
                     continue 'deps;
                 }
 
+                let dep_name = dep.name.slice(string_buf);
                 let peer_res_id = resolve_peer_dep_version_based(
                     dep,
                     catalogs,
@@ -3248,6 +3264,11 @@ pub(crate) fn parse_into_binary_lockfile(
                     overrides,
                     pkg_resolutions,
                     string_buf,
+                    || {
+                        pkg_map
+                            .get_nested(pkg_path, dep_name, &mut path_buf[..])
+                            .copied()
+                    },
                 );
                 let res_id = match peer_res_id {
                     Some(id) => id,
@@ -3336,13 +3357,23 @@ fn deferred_peer_range<'a>(
 /// `install_peer`): scan the package ids recorded for the dependency's
 /// name — `package_index` lists are kept ordered by descending
 /// `Resolution::order` — and take the first whose resolution satisfies
-/// the range. When nothing satisfies, fall back to the highest-ordered
-/// candidate, and only when it is the same kind as the dependency (the
-/// "incorrect peer dependency" case; the fresh resolver inspects only
-/// `list[0]` there, and reproducing its choice exactly is the point of
-/// this helper). Returns `None` when no package with the name exists
-/// or the fallback is a different kind; the caller then falls back to
-/// the path walk. Edges `deferred_peer_range` rejects also return `None`.
+/// the range. When nothing satisfies, the binding is `nested()`, the entry
+/// the printed tree has inside the dependent's own `node_modules`, if any:
+/// the hoister nests a peer under its dependent exactly when nothing
+/// enclosing satisfies it, so that entry is the binding the file records
+/// (1.3.x bound every peer by path and wrote many such entries), and it is
+/// also what node resolves from the dependent; binding anything else would
+/// leave it without a dependent and drop it from the lockfile on the next
+/// save. A tree written by this version has the fallback candidate there,
+/// nothing, or a copy a dependency of the dependent could not hoist any
+/// further, which node resolves from the dependent as well. Without such
+/// an entry, fall back to the highest-ordered candidate, and only when it is
+/// the same kind as the dependency (the "incorrect peer dependency" case;
+/// the fresh resolver inspects only `list[0]` there, and reproducing its
+/// choice exactly is the point of this helper). Returns `None` when no
+/// package with the name exists or the fallback is a different kind; the
+/// caller then falls back to the path walk. Edges `deferred_peer_range`
+/// rejects also return `None`.
 ///
 /// Peer edges cannot be resolved from the printed tree the way regular
 /// edges are: a peer never materializes its own `node_modules` path when
@@ -3367,6 +3398,7 @@ pub(crate) fn resolve_peer_dep_version_based(
     overrides: &OverrideMap,
     pkg_resolutions: &[Resolution],
     string_buf: &[u8],
+    nested: impl FnOnce() -> Option<PackageID>,
 ) -> Option<PackageID> {
     let range = deferred_peer_range(dep, catalogs, string_buf)?;
     // `package_index` is keyed by real package names; `range` (not `dep.name`) carries them for aliases.
@@ -3417,6 +3449,10 @@ pub(crate) fn resolve_peer_dep_version_based(
         }
     }
 
+    if let Some(id) = nested() {
+        return Some(id);
+    }
+
     let &first = candidates.first()?;
     if (first as usize) < pkg_resolutions.len() {
         let res_tag = pkg_resolutions[first as usize].tag;
diff --git a/src/install/pnpm.rs b/src/install/pnpm.rs
index e14532accf02..2a8628191cb2 100644
--- a/src/install/pnpm.rs
+++ b/src/install/pnpm.rs
@@ -139,6 +139,8 @@ fn resolve_peer_like_bun_lock(lockfile: &Lockfile, dep: &Dependency) -> Option<P
         &lockfile.overrides,
         lockfile.packages.items_resolution(),
         string_bytes!(lockfile),
+        // No printed tree yet; whatever this binds is what the first save nests.
+        || None,
     )
 }
 
diff --git a/test/cli/install/bun-lock.test.ts b/test/cli/install/bun-lock.test.ts
index c8ba27d17e5f..223cd2d4a391 100644
--- a/test/cli/install/bun-lock.test.ts
+++ b/test/cli/install/bun-lock.test.ts
@@ -1450,6 +1450,56 @@ it("--frozen-lockfile keeps a package that an older lockfile lists only as an op
   expect(await exists(join(packageDir, "node_modules", "no-deps", "package.json"))).toBeTrue();
 });
 
+// bun 1.3.x bound every peer to the entry the tree placed next to it, so a
+// bun.lock it wrote can nest a copy under a dependent whose peer range no
+// version in the lockfile satisfies. Loading has to bind the peer to that copy,
+// as 1.3.x did: bound to the hoisted version instead, the copy is not installed
+// and has no dependent left, so the next save drops it.
+it("installs and keeps the copy an older lockfile nests under a dependent whose peer range nothing satisfies", async () => {
+  const { packageDir, packageJson } = await registry.createTestDir({
+    bunfigOpts: { saveTextLockfile: true, linker: "hoisted" },
+  });
+  const run = makeInstallRunner(packageDir);
+  const dependencies = { "one-dep": "1.0.0", "strict-peer-dep": "1.0.0" };
+  const nestedEntry = '"strict-peer-dep/no-deps": ["no-deps@1.0.0"';
+  await Promise.all([
+    write(packageJson, JSON.stringify({ name: "foo", dependencies })),
+    write(
+      join(packageDir, "bun.lock"),
+      JSON.stringify({
+        lockfileVersion: 1,
+        configVersion: 1,
+        workspaces: { "": { name: "foo", dependencies } },
+        packages: {
+          "no-deps": ["no-deps@1.0.1", "", {}, ""],
+          "one-dep": ["one-dep@1.0.0", "", { dependencies: { "no-deps": "1.0.1" } }, ""],
+          // strict-peer-dep wants no-deps@^2.0.0; neither copy satisfies it, and
+          // this nested one is the binding an earlier install recorded.
+          "strict-peer-dep": ["strict-peer-dep@1.0.0", "", { peerDependencies: { "no-deps": "^2.0.0" } }, ""],
+          "strict-peer-dep/no-deps": ["no-deps@1.0.0", "", {}, ""],
+        },
+      }),
+    ),
+  ]);
+
+  await run(["install", "--frozen-lockfile"]);
+  const installedVersion = (...segments: string[]) =>
+    file(join(packageDir, "node_modules", ...segments, "package.json"))
+      .json()
+      .then(({ version }) => version)
+      .catch(() => null);
+  expect(
+    await Promise.all([installedVersion("no-deps"), installedVersion("strict-peer-dep", "node_modules", "no-deps")]),
+  ).toEqual(["1.0.1", "1.0.0"]);
+
+  await run(["install", "--lockfile-only"]);
+  const saved = await file(join(packageDir, "bun.lock")).text();
+  expect(saved).toContain(nestedEntry);
+
+  await run(["install", "--frozen-lockfile"]);
+  expect(await file(join(packageDir, "bun.lock")).text()).toBe(saved);
+});
+
 // The optional-peer-hoist-* fixtures are described in
 // registry/packages/create-optional-peer-hoist-packages.ts. In short: consumer
 // has an optional peer on target, and deep -> deep-child reaches target@1.0.0