diff --git a/README.md b/README.md
index d721d40d4c..93d575a67b 100644
--- a/README.md
+++ b/README.md
@@ -480,7 +480,7 @@ Here are some solutions to several common problems that may occur when adding a
 [![terraform_0.11](https://github.com/cloudposse/packages/workflows/terraform_0.11/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterraform_0.11) | 0.11.15    | Terraform (Deprecated package. Use terraform-0.11 instead)
 [![terraform_0.12](https://github.com/cloudposse/packages/workflows/terraform_0.12/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterraform_0.12) | 0.12.31    | Terraform (Deprecated package. Use terraform-0.12 instead)
 [![terraform_0.13](https://github.com/cloudposse/packages/workflows/terraform_0.13/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterraform_0.13) | 0.13.7     | Terraform (Deprecated package. Use terraform-0.13 instead)
-[![terragrunt](https://github.com/cloudposse/packages/workflows/terragrunt/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterragrunt) | 0.45.18    | Terragrunt is a thin wrapper for Terraform that provides extra tools for working with multiple Terraform modules.
+[![terragrunt](https://github.com/cloudposse/packages/workflows/terragrunt/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterragrunt) | 0.46.1     | Terragrunt is a thin wrapper for Terraform that provides extra tools for working with multiple Terraform modules.
 [![terrahelp](https://github.com/cloudposse/packages/workflows/terrahelp/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterrahelp) | 0.7.5      | Terrahelp is as a command line utility that provides useful tricks like masking of terraform output.
 [![tflint](https://github.com/cloudposse/packages/workflows/tflint/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Atflint) | 0.46.1     | A Pluggable Terraform Linter
 [![tfschema](https://github.com/cloudposse/packages/workflows/tfschema/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Atfschema) | 0.7.5      | A schema inspector for Terraform providers
diff --git a/docs/badges.md b/docs/badges.md
index dc2218eb31..5e450bd2b6 100644
--- a/docs/badges.md
+++ b/docs/badges.md
@@ -126,7 +126,7 @@
 [![terraform_0.11](https://github.com/cloudposse/packages/workflows/terraform_0.11/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterraform_0.11) | 0.11.15    | Terraform (Deprecated package. Use terraform-0.11 instead)
 [![terraform_0.12](https://github.com/cloudposse/packages/workflows/terraform_0.12/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterraform_0.12) | 0.12.31    | Terraform (Deprecated package. Use terraform-0.12 instead)
 [![terraform_0.13](https://github.com/cloudposse/packages/workflows/terraform_0.13/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterraform_0.13) | 0.13.7     | Terraform (Deprecated package. Use terraform-0.13 instead)
-[![terragrunt](https://github.com/cloudposse/packages/workflows/terragrunt/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterragrunt) | 0.45.18    | Terragrunt is a thin wrapper for Terraform that provides extra tools for working with multiple Terraform modules.
+[![terragrunt](https://github.com/cloudposse/packages/workflows/terragrunt/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterragrunt) | 0.46.1     | Terragrunt is a thin wrapper for Terraform that provides extra tools for working with multiple Terraform modules.
 [![terrahelp](https://github.com/cloudposse/packages/workflows/terrahelp/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Aterrahelp) | 0.7.5      | Terrahelp is as a command line utility that provides useful tricks like masking of terraform output.
 [![tflint](https://github.com/cloudposse/packages/workflows/tflint/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Atflint) | 0.46.1     | A Pluggable Terraform Linter
 [![tfschema](https://github.com/cloudposse/packages/workflows/tfschema/badge.svg?branch=master)](https://github.com/cloudposse/packages/actions?query=workflow%3Atfschema) | 0.7.5      | A schema inspector for Terraform providers
diff --git a/docs/targets.md b/docs/targets.md
index ffe33a70f3..69d0d379a2 100644
--- a/docs/targets.md
+++ b/docs/targets.md
@@ -137,7 +137,7 @@ terraform-module-versions 3.1.13     CLI tool that checks Terraform code for mod
 terraform_0.11            0.11.15    Terraform (Deprecated package. Use terraform-0.11 instead)
 terraform_0.12            0.12.31    Terraform (Deprecated package. Use terraform-0.12 instead)
 terraform_0.13            0.13.7     Terraform (Deprecated package. Use terraform-0.13 instead)
-terragrunt                0.45.18    Terragrunt is a thin wrapper for Terraform that provides extra tools for working with multiple Terraform modules.
+terragrunt                0.46.1     Terragrunt is a thin wrapper for Terraform that provides extra tools for working with multiple Terraform modules.
 terrahelp                 0.7.5      Terrahelp is as a command line utility that provides useful tricks like masking of terraform output.
 tfenv                     OBSOLETE   Transform environment variables for use with Terraform (e.g. `HOSTNAME` ⇨ `TF_VAR_hostname`)
 tflint                    0.46.1     A Pluggable Terraform Linter
diff --git a/vendor/terragrunt/VERSION b/vendor/terragrunt/VERSION
index 349248c7ee..620104d820 100644
--- a/vendor/terragrunt/VERSION
+++ b/vendor/terragrunt/VERSION
@@ -1 +1 @@
-0.45.18
+0.46.1