diff --git a/CHANGELOG.md b/CHANGELOG.md
index dcb37049c7..cfb0f29126 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,6 +8,7 @@ Features:
 
 Bug Fixes:
 
+- Fix "CMake: Run Without Debugging" not changing the working directory when the build directory changes. [#4549](https://github.com/microsoft/vscode-cmake-tools/issues/4549)
 - Fix CMake script path links not working in CHS/CSY/FRA/PLK locales due to localized quotes. [#4383](https://github.com/microsoft/vscode-cmake-tools/issues/4383)
 - Fix user-level tasks defined in `~/.config/Code/User/tasks.json` causing infinite spinner. [#4659](https://github.com/microsoft/vscode-cmake-tools/pull/4659)
 - Fix `cmake.compileFile` failing to find compilation info when using presets without `CMAKE_EXPORT_COMPILE_COMMANDS`. [#4484](https://github.com/microsoft/vscode-cmake-tools/issues/4484)
diff --git a/src/cmakeProject.ts b/src/cmakeProject.ts
index afea14ba4a..558f226c36 100644
--- a/src/cmakeProject.ts
+++ b/src/cmakeProject.ts
@@ -3024,8 +3024,9 @@ export class CMakeProject {
         if (launchBehavior !== "newterminal") {
             for (const [, terminal] of this.launchTerminals) {
                 const creationOptions = terminal.creationOptions! as vscode.TerminalOptions;
-                // If the environment has changed at all since the last run, dispose of this terminal
-                if (JSON.stringify(creationOptions.env) !== JSON.stringify(options.env)) {
+                // If the environment or working directory has changed at all since the last run, dispose of this terminal
+                if (JSON.stringify(creationOptions.env) !== JSON.stringify(options.env) ||
+                    JSON.stringify(creationOptions.cwd) !== JSON.stringify(options.cwd)) {
                     terminal.dispose();
                     break;
                 }