diff --git a/docs/Configuration.md b/docs/Configuration.md
index e3c2fbbdbb..40c4faab63 100644
--- a/docs/Configuration.md
+++ b/docs/Configuration.md
@@ -475,7 +475,7 @@ Type: `string`
 The name of a module that provides the `asyncRequire` function, which is used to implement [dynamic `import()`](https://developer.mozilla.org/en-US/docs/Web/JavaScript/Reference/Operators/import) at runtime. Defaults to [`metro-runtime/src/modules/asyncRequire`](https://github.com/react/metro/blob/main/packages/metro-runtime/src/modules/asyncRequire.js).
 
 :::note
-The module named by `asyncRequireModulePath` is [resolved](./Resolution.md) relative to the module containing the original `import()` call. In particular, assuming the default value of `asyncRequireModulePath` is in use, the project must have a compatible version of `metro-runtime` installed in `node_modules`.
+The module named by `asyncRequireModulePath` is [resolved](./Resolution.md) relative to each module containing an `import()` call, including modules in `node_modules`, so it must be resolvable from all of them. In particular, assuming the default value of `asyncRequireModulePath` is in use, the project must have a compatible version of `metro-runtime` installed in `node_modules`. Use `metro:runtime/modules/asyncRequire` to resolve the same module from any importer, through Metro's built-in [`metro:` scheme resolver](#schemeresolvers), in the `metro-runtime` that Metro itself depends on.
 :::
 
 :::info
diff --git a/packages/metro/src/DeltaBundler/__tests__/resolver-test.js b/packages/metro/src/DeltaBundler/__tests__/resolver-test.js
index f0b1fdb14d..2dee55f56c 100644
--- a/packages/metro/src/DeltaBundler/__tests__/resolver-test.js
+++ b/packages/metro/src/DeltaBundler/__tests__/resolver-test.js
@@ -174,8 +174,12 @@ function dep(name: string): TransformResultDependency {
 
       jest.requireMock('node:os').tmpdir = () => p('/tmp');
 
-      // Node resolves Metro's own `@babel/runtime` to a path on the host,
-      // which is not valid for the platform under test.
+      // Node resolves Metro's own metro-runtime and `@babel/runtime` to paths
+      // on the host, which are not valid for the platform under test.
+      jest.doMock('../../lib/metroRuntime', () => ({
+        getMetroRuntimePackageJsonPath: () =>
+          p('/root/node_modules/metro-runtime/package.json'),
+      }));
       jest.doMock('../../lib/metroBabelRuntime', () => ({
         getMetroBabelRuntimePackageJsonPath: () =>
           p('/root/node_modules/@babel/runtime/package.json'),
diff --git a/packages/metro/src/integration_tests/__tests__/dynamic-roots-test.js b/packages/metro/src/integration_tests/__tests__/dynamic-roots-test.js
index 1a34953c53..aedad166b0 100644
--- a/packages/metro/src/integration_tests/__tests__/dynamic-roots-test.js
+++ b/packages/metro/src/integration_tests/__tests__/dynamic-roots-test.js
@@ -15,6 +15,7 @@ const {getDynamicRootId} = require('../../lib/dynamicRoots');
 const {
   getMetroBabelRuntimePackageJsonPath,
 } = require('../../lib/metroBabelRuntime');
+const {getMetroRuntimePackageJsonPath} = require('../../lib/metroRuntime');
 const execBundle = require('../execBundle');
 const fs = require('node:fs');
 const path = require('node:path');
@@ -122,3 +123,42 @@ describe("Metro's own @babel/runtime outside every configured root", () => {
     expect(sourceResponse.status).toBe(200);
   });
 });
+
+describe("Metro's own metro-runtime outside every configured root", () => {
+  const metroRuntimeDir = path.dirname(getMetroRuntimePackageJsonPath());
+  let config;
+
+  beforeEach(async () => {
+    const baseConfig = await Metro.loadConfig({
+      config: require.resolve('../metro.config.js'),
+    });
+    config = {
+      ...baseConfig,
+      resolver: {
+        ...baseConfig.resolver,
+        // metro-runtime is not resolvable from the importer as a bare
+        // specifier, as for library code under an isolated layout.
+        disableHierarchicalLookup: true,
+        nodeModulesPaths: [],
+      },
+      transformer: {
+        ...baseConfig.transformer,
+        asyncRequireModulePath: 'metro:runtime/modules/asyncRequire',
+      },
+      watchFolders: [baseConfig.projectRoot],
+    };
+  });
+
+  test('the fixture has metro-runtime outside projectRoot and watchFolders', () => {
+    for (const root of config.watchFolders) {
+      expect(metroRuntimeDir.startsWith(root + path.sep)).toBe(false);
+    }
+  });
+
+  test('builds and runs a bundle that uses import() with asyncRequireModulePath from metro:runtime', async () => {
+    const result = await Metro.runBuild(config, {
+      entry: 'metro-runtime/index.js',
+    });
+    await expect(execBundle(result.code).lazyValue).resolves.toBe('lazy');
+  });
+});
diff --git a/packages/metro/src/integration_tests/basic_bundle/metro-runtime/index.js b/packages/metro/src/integration_tests/basic_bundle/metro-runtime/index.js
new file mode 100644
index 0000000000..9f18fcee1f
--- /dev/null
+++ b/packages/metro/src/integration_tests/basic_bundle/metro-runtime/index.js
@@ -0,0 +1,13 @@
+/**
+ * Copyright (c) Meta Platforms, Inc. and affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @flow strict
+ * @format
+ */
+
+export const lazyValue: Promise<string> = import('./lazy').then(
+  module => module.default,
+);
diff --git a/packages/metro/src/integration_tests/basic_bundle/metro-runtime/lazy.js b/packages/metro/src/integration_tests/basic_bundle/metro-runtime/lazy.js
new file mode 100644
index 0000000000..77937309b6
--- /dev/null
+++ b/packages/metro/src/integration_tests/basic_bundle/metro-runtime/lazy.js
@@ -0,0 +1,11 @@
+/**
+ * Copyright (c) Meta Platforms, Inc. and affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @flow strict
+ * @format
+ */
+
+export default 'lazy';
diff --git a/packages/metro/src/integration_tests/metro.config.js b/packages/metro/src/integration_tests/metro.config.js
index 0a6c003319..099e0da3bc 100644
--- a/packages/metro/src/integration_tests/metro.config.js
+++ b/packages/metro/src/integration_tests/metro.config.js
@@ -27,8 +27,7 @@ module.exports = {
   },
   transformer: {
     assetRegistryPath: path.join(ROOT_PATH, 'AssetRegistry'),
-    asyncRequireModulePath:
-      require.resolve('metro-runtime/src/modules/asyncRequire'),
+    asyncRequireModulePath: 'metro:runtime/modules/asyncRequire',
     babelTransformerPath:
       require.resolve('@react-native/metro-babel-transformer'),
     enableBabelRCLookup: false,
diff --git a/packages/metro/src/lib/__tests__/metroSchemeResolver-test.js b/packages/metro/src/lib/__tests__/metroSchemeResolver-test.js
index 3cad290c8f..31bb836998 100644
--- a/packages/metro/src/lib/__tests__/metroSchemeResolver-test.js
+++ b/packages/metro/src/lib/__tests__/metroSchemeResolver-test.js
@@ -94,3 +94,44 @@ test('throws for unsupported metro: specifiers', () => {
   ).toThrow("Unsupported 'metro:' pathname: something-else");
   expect(calls).toHaveLength(0);
 });
+
+test.each([
+  ['metro:runtime', 'metro-runtime'],
+  ['metro:runtime/modules/asyncRequire', 'metro-runtime/modules/asyncRequire'],
+])(
+  'resolves %s to metro-runtime via package self resolution',
+  (specifier, expected) => {
+    const {resolveRequest, calls} = makeCapturingResolveRequest();
+    const context = {
+      ...makeContext(resolveRequest),
+      unstable_enablePackageExports: false,
+    };
+
+    expect(metroSchemeResolver(context, specifier, 'ios')).toEqual({
+      type: 'sourceFile',
+      filePath: p('/resolved.js'),
+    });
+    expect(calls).toEqual([
+      {
+        originModulePath: require.resolve('metro-runtime/package.json'),
+        specifier: expected,
+        platform: 'ios',
+      },
+    ]);
+  },
+);
+
+test('applies package exports for metro:runtime regardless of the project setting', () => {
+  const contexts: Array<CustomResolutionContext> = [];
+  const context = {
+    ...makeContext(ctx => {
+      contexts.push(ctx);
+      return {type: 'sourceFile', filePath: p('/resolved.js')};
+    }),
+    unstable_enablePackageExports: false,
+  };
+
+  metroSchemeResolver(context, 'metro:runtime/modules/asyncRequire', null);
+  expect(contexts).toHaveLength(1);
+  expect(contexts[0].unstable_enablePackageExports).toBe(true);
+});
diff --git a/packages/metro/src/lib/metroBabelRuntime.js b/packages/metro/src/lib/metroBabelRuntime.js
index cc00b105c0..06eef74145 100644
--- a/packages/metro/src/lib/metroBabelRuntime.js
+++ b/packages/metro/src/lib/metroBabelRuntime.js
@@ -9,6 +9,7 @@
  * @oncall react_native
  */
 
+import {getMetroRuntimePackageJsonPath} from './metroRuntime';
 import * as path from 'node:path';
 
 /**
@@ -29,9 +30,7 @@ let version: ?string = null;
  */
 export function getMetroBabelRuntimePackageJsonPath(): string {
   if (packageJsonPath == null) {
-    const metroRuntimeDir = path.dirname(
-      require.resolve('metro-runtime/package.json'),
-    );
+    const metroRuntimeDir = path.dirname(getMetroRuntimePackageJsonPath());
     packageJsonPath = require.resolve('@babel/runtime/package.json', {
       paths: [metroRuntimeDir],
     });
diff --git a/packages/metro/src/lib/metroRuntime.js b/packages/metro/src/lib/metroRuntime.js
new file mode 100644
index 0000000000..a71e11068a
--- /dev/null
+++ b/packages/metro/src/lib/metroRuntime.js
@@ -0,0 +1,25 @@
+/**
+ * Copyright (c) Meta Platforms, Inc. and affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @flow strict-local
+ * @format
+ * @oncall react_native
+ */
+
+// Resolved on first use rather than at module load, for consistency with
+// `metroBabelRuntime`.
+let packageJsonPath: ?string = null;
+
+/**
+ * The `package.json` path of the metro-runtime that Metro depends on, which
+ * `metro:runtime` resolves into.
+ */
+export function getMetroRuntimePackageJsonPath(): string {
+  if (packageJsonPath == null) {
+    packageJsonPath = require.resolve('metro-runtime/package.json');
+  }
+  return packageJsonPath;
+}
diff --git a/packages/metro/src/lib/metroSchemeResolver.js b/packages/metro/src/lib/metroSchemeResolver.js
index 6fa9f40084..3a343277ea 100644
--- a/packages/metro/src/lib/metroSchemeResolver.js
+++ b/packages/metro/src/lib/metroSchemeResolver.js
@@ -12,13 +12,16 @@
 import type {CustomResolver} from 'metro-resolver';
 
 import {getMetroBabelRuntimePackageJsonPath} from './metroBabelRuntime';
+import {getMetroRuntimePackageJsonPath} from './metroRuntime';
 
 const BABEL_RUNTIME_SPECIFIER = 'babel-runtime';
 const BABEL_RUNTIME_PACKAGE = '@babel/runtime';
+const RUNTIME_SPECIFIER = 'runtime';
+const RUNTIME_PACKAGE = 'metro-runtime';
 
 /**
- * Resolver used for Metro's own `metro:` URI scheme, currently handling only
- * metro:babel-runtime and subpaths.
+ * Resolver used for Metro's own `metro:` URI scheme, handling
+ * metro:babel-runtime, metro:runtime and their subpaths.
  */
 export default ((context, specifier, platform) => {
   const {protocol, pathname} = new URL(specifier);
@@ -42,5 +45,29 @@ export default ((context, specifier, platform) => {
     );
   }
 
+  // Maps `metro:runtime/<subpath>` (e.g. `metro:runtime/modules/asyncRequire`)
+  // to the metro-runtime that Metro depends on, so that modules Metro injects
+  // into transformed code resolve from any importer, including library code
+  // that cannot see metro-runtime under an isolated `node_modules` layout.
+  // The subpath is resolved as a package self-reference, like
+  // `metro:babel-runtime`. Subpaths such as `modules/asyncRequire` exist only
+  // in metro-runtime's `exports`, so package exports are enabled here
+  // regardless of the project's `unstable_enablePackageExports` setting.
+  if (
+    pathname === RUNTIME_SPECIFIER ||
+    pathname.startsWith(RUNTIME_SPECIFIER + '/')
+  ) {
+    const subpath = pathname.slice(RUNTIME_SPECIFIER.length);
+    return context.resolveRequest(
+      {
+        ...context,
+        originModulePath: getMetroRuntimePackageJsonPath(),
+        unstable_enablePackageExports: true,
+      },
+      RUNTIME_PACKAGE + subpath,
+      platform,
+    );
+  }
+
   throw new Error(`Unsupported '${protocol}' pathname: ${pathname}`);
 }) as CustomResolver;
diff --git a/packages/metro/src/node-haste/DependencyGraph.js b/packages/metro/src/node-haste/DependencyGraph.js
index d3b7348c92..18e57e2b8c 100644
--- a/packages/metro/src/node-haste/DependencyGraph.js
+++ b/packages/metro/src/node-haste/DependencyGraph.js
@@ -30,6 +30,7 @@ import type {
 
 import {getDynamicRoots} from '../lib/dynamicRoots';
 import {getMetroBabelRuntimePackageJsonPath} from '../lib/metroBabelRuntime';
+import {getMetroRuntimePackageJsonPath} from '../lib/metroRuntime';
 import createFileMap from './DependencyGraph/createFileMap';
 import createModuleResolver from './DependencyGraph/createModuleResolver';
 import {PackageCache} from './PackageCache';
@@ -123,7 +124,7 @@ export default class DependencyGraph extends EventEmitter {
     this._haste.on('status', status => this._onWatcherStatus(status));
 
     this._initializedPromise = fileMap.build().then(async ({fileSystem}) => {
-      await this._addMetroBabelRuntimeRoot();
+      await this._addMetroRuntimeRoots();
       log(createActionEndEntry(initializingMetroLogEntry));
       config.reporter.update({type: 'dep_graph_loaded'});
 
@@ -145,19 +146,26 @@ export default class DependencyGraph extends EventEmitter {
   }
 
   /**
-   * `metro:babel-runtime` resolves into the `@babel/runtime` that
-   * metro-runtime depends on, wherever it is installed, so its files must be
-   * in the file map even when no configured root contains them.
+   * `metro:runtime` and `metro:babel-runtime` resolve into the metro-runtime
+   * that Metro depends on and its `@babel/runtime`, wherever they are
+   * installed, so their files must be in the file map even when no configured
+   * root contains them. metro-runtime is added first, so that an
+   * `@babel/runtime` nested within it needs no root of its own.
    */
-  async _addMetroBabelRuntimeRoot(): Promise<void> {
-    let packageJsonPath;
-    try {
-      packageJsonPath = getMetroBabelRuntimePackageJsonPath();
-    } catch {
-      // Reported by the `metro:` scheme resolver, if it is ever used.
-      return;
+  async _addMetroRuntimeRoots(): Promise<void> {
+    for (const getPackageJsonPath of [
+      getMetroRuntimePackageJsonPath,
+      getMetroBabelRuntimePackageJsonPath,
+    ]) {
+      let packageJsonPath;
+      try {
+        packageJsonPath = getPackageJsonPath();
+      } catch {
+        // Reported by the `metro:` scheme resolver, if it is ever used.
+        continue;
+      }
+      await this._haste.addRoot(path.dirname(packageJsonPath));
     }
-    await this._haste.addRoot(path.dirname(packageJsonPath));
   }
 
   /**