diff --git a/lib/rubygems/bundler_version_finder.rb b/lib/rubygems/bundler_version_finder.rb
index c2d6f4106c52..bbe7bf0ab55e 100644
--- a/lib/rubygems/bundler_version_finder.rb
+++ b/lib/rubygems/bundler_version_finder.rb
@@ -2,7 +2,8 @@
 
 module Gem::BundlerVersionFinder
   def self.bundler_version
-    return if bundle_config_version == "system"
+    bcv = bundle_config_version
+    return if bcv == "system"
 
     v = ENV["BUNDLER_VERSION"]
     v = nil if v&.empty?
@@ -10,7 +11,7 @@ def self.bundler_version
     v ||= bundle_update_bundler_version
     return if v == true
 
-    v ||= bundle_config_version
+    v ||= bcv unless bcv == "lockfile"
 
     v ||= lockfile_version
     return unless v
diff --git a/test/rubygems/test_gem_bundler_version_finder.rb b/test/rubygems/test_gem_bundler_version_finder.rb
index be8c5914f48e..b5ef6293abfd 100644
--- a/test/rubygems/test_gem_bundler_version_finder.rb
+++ b/test/rubygems/test_gem_bundler_version_finder.rb
@@ -146,6 +146,31 @@ def test_bundler_version_with_empty_bundle_version_env
     end
   end
 
+  def test_bundler_version_with_bundle_version_env_lockfile
+    ENV["BUNDLE_VERSION"] = "lockfile"
+
+    bvf.stub(:lockfile_contents, "\n\nBUNDLED WITH\n   1.1.1.1\n") do
+      assert_equal v("1.1.1.1"), bvf.bundler_version
+    end
+  end
+
+  def test_bundler_version_with_bundle_config_version_lockfile
+    config_content = <<~CONFIG
+      BUNDLE_VERSION: "lockfile"
+    CONFIG
+
+    Tempfile.create("bundle_config") do |f|
+      f.write(config_content)
+      f.flush
+
+      bvf.stub(:bundler_global_config_file, f.path) do
+        bvf.stub(:lockfile_contents, "\n\nBUNDLED WITH\n   1.1.1.1\n") do
+          assert_equal v("1.1.1.1"), bvf.bundler_version
+        end
+      end
+    end
+  end
+
   def test_bundler_version_with_bundle_config_non_existent_file
     bvf.stub(:bundler_global_config_file, "/non/existent/path") do
       assert_nil bvf.bundler_version