diff --git a/metricflow-semantics/metricflow_semantics/collection_helpers/lru_cache.py b/metricflow-semantics/metricflow_semantics/collection_helpers/lru_cache.py
new file mode 100644
index 0000000000..c861c702d4
--- /dev/null
+++ b/metricflow-semantics/metricflow_semantics/collection_helpers/lru_cache.py
@@ -0,0 +1,54 @@
+from __future__ import annotations
+
+import threading
+from typing import Dict, Generic, Optional, TypeVar
+
+KeyT = TypeVar("KeyT")
+ValueT = TypeVar("ValueT")
+
+
+class LruCache(Generic[KeyT, ValueT]):
+    """An LRU cache based on the insertion order of dictionaries.
+
+    Since Python dictionaries iterate in the order that keys were inserted, they are used as the basis of this cache.
+    When an item is retrieved, the item in the dictionary is removed then re-inserted.
+
+    This cache is used instead of the `fuctools.lru_cache` decorator for class instance methods as `lru_cache` keeps a
+    reference to the instance, preventing garbage collection of the instance using the decorator until the eviction of
+    the associated entry.
+    """
+
+    def __init__(self, max_cache_items: int, cache_dict: Optional[Dict[KeyT, ValueT]] = None) -> None:
+        """Initializer.
+
+        Args:
+            max_cache_items: Limit of cache items to store. Once the limit is hit, the oldest item is evicted.
+            cache_dict: For shared use cases - the dictionary to use for the cache.
+        """
+        self._lock = threading.Lock()
+        self._max_cache_items = max_cache_items
+        self._cache_dict: Dict[KeyT, ValueT] = cache_dict or {}
+
+    def get(self, key: KeyT) -> Optional[ValueT]:  # noqa: D102
+        with self._lock:
+            value = self._cache_dict.get(key)
+            if value is not None:
+                del self._cache_dict[key]
+                self._cache_dict[key] = value
+                return value
+
+            return None
+
+    def set(self, key: KeyT, value: ValueT) -> None:  # noqa: D102
+        with self._lock:
+            if key in self._cache_dict:
+                return
+
+            while len(self._cache_dict) >= self._max_cache_items:
+                key_to_delete = next(iter(self._cache_dict))
+                del self._cache_dict[key_to_delete]
+
+            self._cache_dict[key] = value
+
+    def copy(self) -> LruCache:  # noqa: D102
+        return LruCache(max_cache_items=self._max_cache_items, cache_dict=dict(self._cache_dict))
diff --git a/metricflow-semantics/tests_metricflow_semantics/collection_helpers/test_lru_cache.py b/metricflow-semantics/tests_metricflow_semantics/collection_helpers/test_lru_cache.py
new file mode 100644
index 0000000000..de6cc69636
--- /dev/null
+++ b/metricflow-semantics/tests_metricflow_semantics/collection_helpers/test_lru_cache.py
@@ -0,0 +1,20 @@
+from __future__ import annotations
+
+from metricflow_semantics.collection_helpers.lru_cache import LruCache
+
+
+def test_lru_cache() -> None:  # noqa: D103
+    cache = LruCache[str, str](max_cache_items=2)
+    cache.set("key_0", "value_0")
+    cache.set("key_1", "value_1")
+    cache.set("key_2", "value_2")
+
+    # This should evict "key_0".
+    assert cache.get("key_0") is None
+
+    # Get "key_1" so that it's not evicted next.
+    assert cache.get("key_1") == "value_1"
+
+    # This should evict "key_2".
+    cache.set("key_0", "value_0")
+    assert cache.get("key_2") is None