diff --git a/pyrefly/lib/binding/function.rs b/pyrefly/lib/binding/function.rs
index 43d1771b89..92d7a4d6af 100644
--- a/pyrefly/lib/binding/function.rs
+++ b/pyrefly/lib/binding/function.rs
@@ -63,6 +63,7 @@ use crate::binding::binding::ReturnTypeKind;
 use crate::binding::bindings::BindingsBuilder;
 use crate::binding::bindings::LegacyTParamCollector;
 use crate::binding::expr::Usage;
+use crate::binding::pattern::pattern_is_syntactically_exhaustive_for_subject;
 use crate::binding::scope::FlowStyle;
 use crate::binding::scope::InstanceAttribute;
 use crate::binding::scope::Scope;
@@ -974,7 +975,12 @@ fn function_last_expressions<'a>(
                 let mut syntactically_exhaustive = false;
                 for case in x.cases.iter() {
                     f(sys_info, &case.body, res)?;
-                    if case.pattern.is_wildcard() || case.pattern.is_irrefutable() {
+                    if case.guard.is_none()
+                        && pattern_is_syntactically_exhaustive_for_subject(
+                            &x.subject,
+                            &case.pattern,
+                        )
+                    {
                         syntactically_exhaustive = true;
                         break;
                     }
diff --git a/pyrefly/lib/binding/pattern.rs b/pyrefly/lib/binding/pattern.rs
index eb569835f9..2615450a61 100644
--- a/pyrefly/lib/binding/pattern.rs
+++ b/pyrefly/lib/binding/pattern.rs
@@ -12,6 +12,7 @@ use ruff_python_ast::AtomicNodeIndex;
 use ruff_python_ast::Expr;
 use ruff_python_ast::ExprNumberLiteral;
 use ruff_python_ast::ExprStringLiteral;
+use ruff_python_ast::ExprTuple;
 use ruff_python_ast::Int;
 use ruff_python_ast::MatchCase;
 use ruff_python_ast::Number;
@@ -43,6 +44,47 @@ use crate::error::context::ErrorInfo;
 use crate::export::special::SpecialExport;
 use crate::types::facet::UnresolvedFacetKind;
 
+fn sequence_pattern_is_syntactically_exhaustive(subjects: &[Expr], patterns: &[Pattern]) -> bool {
+    let Some(star_idx) = patterns
+        .iter()
+        .position(|pattern| matches!(pattern, Pattern::MatchStar(_)))
+    else {
+        return subjects.len() == patterns.len()
+            && subjects.iter().zip(patterns).all(|(subject, pattern)| {
+                pattern_is_syntactically_exhaustive_for_subject(subject, pattern)
+            });
+    };
+    let suffix_len = patterns.len() - star_idx - 1;
+    if subjects.len() + 1 < patterns.len() {
+        return false;
+    }
+    patterns[..star_idx]
+        .iter()
+        .zip(&subjects[..star_idx])
+        .all(|(pattern, subject)| pattern_is_syntactically_exhaustive_for_subject(subject, pattern))
+        && patterns[star_idx + 1..]
+            .iter()
+            .zip(&subjects[subjects.len() - suffix_len..])
+            .all(|(pattern, subject)| {
+                pattern_is_syntactically_exhaustive_for_subject(subject, pattern)
+            })
+}
+
+pub(crate) fn pattern_is_syntactically_exhaustive_for_subject(
+    subject: &Expr,
+    pattern: &Pattern,
+) -> bool {
+    if pattern.is_wildcard() || pattern.is_irrefutable() {
+        return true;
+    }
+    match (subject, pattern) {
+        (Expr::Tuple(ExprTuple { elts, .. }), Pattern::MatchSequence(x)) => {
+            sequence_pattern_is_syntactically_exhaustive(elts, &x.patterns)
+        }
+        _ => false,
+    }
+}
+
 #[derive(Clone, Debug)]
 enum MatchSubject {
     /// No narrowing subject available.
@@ -538,7 +580,8 @@ impl<'a> BindingsBuilder<'a> {
                 ..
             } = case;
             self.start_branch();
-            let case_is_irrefutable = pattern.is_wildcard() || pattern.is_irrefutable();
+            let case_is_irrefutable = guard.is_none()
+                && pattern_is_syntactically_exhaustive_for_subject(&subject_expr, &pattern);
             if case_is_irrefutable {
                 exhaustive = true;
             }
diff --git a/pyrefly/lib/test/pattern_match.rs b/pyrefly/lib/test/pattern_match.rs
index ab914733d3..29c6ef8a48 100644
--- a/pyrefly/lib/test/pattern_match.rs
+++ b/pyrefly/lib/test/pattern_match.rs
@@ -812,6 +812,77 @@ def test_multi_match2(o1: object, o2: object) -> None:
 "#,
 );
 
+// Regression test for https://github.com/facebook/pyrefly/issues/2932
+testcase!(
+    test_match_multi_subject_tuple_catch_all_is_exhaustive,
+    r#"
+from typing import assert_type
+
+def test(x: int | None, y: int | None) -> None:
+    match x, y:
+        case None, None:
+            raise ValueError
+        case int(m), None:
+            u = m * 3
+            v = m
+        case None, int(n):
+            u = n
+            v = n // 3
+        case _, _:
+            raise ValueError
+
+    assert_type(u, int)
+    assert_type(v, int)
+"#,
+);
+
+testcase!(
+    test_match_multi_subject_tuple_catch_all_counts_for_return_analysis,
+    r#"
+def test(x: int | None, y: int | None) -> int:
+    match x, y:
+        case None, None:
+            return 0
+        case _, _:
+            return 1
+"#,
+);
+
+testcase!(
+    test_match_multi_subject_guarded_tuple_catch_all_is_not_exhaustive,
+    r#"
+from typing import assert_type
+
+def test(x: int | None, y: int | None, cond: bool) -> None:
+    match x, y:
+        case None, None:
+            raise ValueError
+        case int(m), None:
+            u = m * 3
+            v = m
+        case None, int(n):
+            u = n
+            v = n // 3
+        case _, _ if cond:
+            raise ValueError
+
+    assert_type(u, int)  # E: `u` may be uninitialized
+    assert_type(v, int)  # E: `v` may be uninitialized
+"#,
+);
+
+testcase!(
+    test_match_multi_subject_guarded_tuple_catch_all_counts_for_return_analysis,
+    r#"
+def test(x: int | None, y: int | None, cond: bool) -> int: # E: Function declared to return `int`, but one or more paths are missing an explicit `return`
+    match x, y:
+        case None, None:
+            return 0
+        case _, _ if cond:
+            return 1
+"#,
+);
+
 testcase!(
     test_exhaustive_enum_or_pattern_no_missing_return,
     r#"