diff --git a/lib/internal/modules/cjs/loader.js b/lib/internal/modules/cjs/loader.js
index 537258450f5333..8c5cf89de341b5 100644
--- a/lib/internal/modules/cjs/loader.js
+++ b/lib/internal/modules/cjs/loader.js
@@ -79,6 +79,8 @@ const {
 
 const isWindows = process.platform === 'win32';
 
+const relativeResolveCache = Object.create(null);
+
 let requireDepth = 0;
 let statCache = null;
 function stat(filename) {
@@ -568,14 +570,28 @@ Module._resolveLookupPaths = function(request, parent, newReturn) {
 //    Then have it load  the file contents before returning its exports
 //    object.
 Module._load = function(request, parent, isMain) {
+  let relResolveCacheIdentifier;
   if (parent) {
     debug('Module._load REQUEST %s parent: %s', request, parent.id);
+    // Fast path for (lazy loaded) modules in the same directory. The indirect
+    // caching is required to allow cache invalidation without changing the old
+    // cache key names.
+    relResolveCacheIdentifier = `${parent.path}\x00${request}`;
+    const filename = relativeResolveCache[relResolveCacheIdentifier];
+    if (filename !== undefined) {
+      const cachedModule = Module._cache[filename];
+      if (cachedModule !== undefined) {
+        updateChildren(parent, cachedModule, true);
+        return cachedModule.exports;
+      }
+      delete relativeResolveCache[relResolveCacheIdentifier];
+    }
   }
 
   const filename = Module._resolveFilename(request, parent, isMain);
 
   const cachedModule = Module._cache[filename];
-  if (cachedModule) {
+  if (cachedModule !== undefined) {
     updateChildren(parent, cachedModule, true);
     return cachedModule.exports;
   }
@@ -595,6 +611,9 @@ Module._load = function(request, parent, isMain) {
   }
 
   Module._cache[filename] = module;
+  if (parent !== undefined) {
+    relativeResolveCache[relResolveCacheIdentifier] = filename;
+  }
 
   let threw = true;
   try {
@@ -603,6 +622,9 @@ Module._load = function(request, parent, isMain) {
   } finally {
     if (threw) {
       delete Module._cache[filename];
+      if (parent !== undefined) {
+        delete relativeResolveCache[relResolveCacheIdentifier];
+      }
     }
   }