diff --git a/CHANGELOG.md b/CHANGELOG.md
index b46fc57ec5..d20a75ac05 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -12,6 +12,10 @@
 
 # 11.0.0-rc.5 (Unreleased)
 
+#### :bug: Bug Fix
+
+- Fix issue with Dynamic import of module in nested expressions https://github.com/rescript-lang/rescript-compiler/pull/6431
+
 # 11.0.0-rc.4
 
 #### :rocket: New Feature
diff --git a/jscomp/frontend/bs_builtin_ppx.ml b/jscomp/frontend/bs_builtin_ppx.ml
index 975bf5811a..a2a8417a41 100644
--- a/jscomp/frontend/bs_builtin_ppx.ml
+++ b/jscomp/frontend/bs_builtin_ppx.ml
@@ -574,35 +574,42 @@ let rec structure_mapper ~await_context (self : mapper) (stru : Ast_structure.t)
     | Pstr_value (_, vbs) ->
       let item = self.structure_item self item in
       (* [ module __Belt_List__ = module type of Belt.List ] *)
-      let module_type_decls =
-        vbs
-        |> List.filter_map (fun ({pvb_expr} : Parsetree.value_binding) ->
-               match pvb_expr.pexp_desc with
-               | Pexp_letmodule
-                   ( _,
-                     ({pmod_desc = Pmod_ident {txt; loc}; pmod_attributes} as
-                     me),
-                     _ )
-                 when Res_parsetree_viewer.hasAwaitAttribute pmod_attributes
-                 -> (
-                 let safe_module_type_name = local_module_type_name txt in
-                 let has_local_module_name =
-                   Hashtbl.find_opt !await_context safe_module_type_name
-                 in
+      let rec spelunk_vbs acc vbs =
+        match vbs with
+        | [] -> acc
+        | ({pvb_expr} : Parsetree.value_binding) :: tl ->
+          let rec aux (expr : Parsetree.expression) =
+            match expr.pexp_desc with
+            | Pexp_letmodule
+                ( _,
+                  ({pmod_desc = Pmod_ident {txt; loc}; pmod_attributes} as me),
+                  expr )
+              when Res_parsetree_viewer.hasAwaitAttribute pmod_attributes -> (
+              let safe_module_type_name = local_module_type_name txt in
+              let has_local_module_name =
+                Hashtbl.find_opt !await_context safe_module_type_name
+              in
 
-                 match has_local_module_name with
-                 | Some _ -> None
-                 | None ->
-                   Hashtbl.add !await_context safe_module_type_name
-                     safe_module_type_name;
-                   Some
-                     Ast_helper.(
-                       Str.modtype ~loc
-                         (Mtd.mk ~loc
-                            {txt = safe_module_type_name; loc}
-                            ~typ:(Mty.typeof_ ~loc me))))
-               | _ -> None)
+              match has_local_module_name with
+              | Some _ -> aux expr
+              | None ->
+                Hashtbl.add !await_context safe_module_type_name
+                  safe_module_type_name;
+                Ast_helper.(
+                  Str.modtype ~loc
+                    (Mtd.mk ~loc
+                       {txt = safe_module_type_name; loc}
+                       ~typ:(Mty.typeof_ ~loc me)))
+                :: aux expr)
+            | Pexp_let (_, vbs, expr) -> aux expr @ spelunk_vbs acc vbs
+            | Pexp_ifthenelse (_, then_expr, Some else_expr) ->
+              aux then_expr @ aux else_expr
+            | Pexp_fun (_, _, _, expr) | Pexp_newtype (_, expr) -> aux expr
+            | _ -> acc
+          in
+          aux pvb_expr @ spelunk_vbs acc tl
       in
+      let module_type_decls = spelunk_vbs [] vbs in
 
       module_type_decls @ (item :: structure_mapper ~await_context self rest)
     | _ ->
diff --git a/jscomp/runtime/release.ninja b/jscomp/runtime/release.ninja
index 181ca9fa81..b7b44625e4 100644
--- a/jscomp/runtime/release.ninja
+++ b/jscomp/runtime/release.ninja
@@ -21,7 +21,7 @@ o runtime/caml_bytes.cmj : cc_cmi runtime/caml_bytes.res | runtime/caml_bytes.cm
 o runtime/caml_bytes.cmi : cc runtime/caml_bytes.resi | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
 o runtime/caml_float.cmj : cc_cmi runtime/caml_float.res | runtime/caml_float.cmi runtime/caml_float_extern.cmj
 o runtime/caml_float.cmi : cc runtime/caml_float.resi | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
-o runtime/caml_format.cmj : cc_cmi runtime/caml_format.ml | runtime/caml_float.cmj runtime/caml_float_extern.cmj runtime/caml_format.cmi runtime/caml_int64.cmj runtime/caml_int64_extern.cmj runtime/caml_nativeint_extern.cmj runtime/caml_string_extern.cmj
+o runtime/caml_format.cmj : cc_cmi runtime/caml_format.ml | runtime/caml.cmj runtime/caml_float.cmj runtime/caml_float_extern.cmj runtime/caml_format.cmi runtime/caml_int64.cmj runtime/caml_int64_extern.cmj runtime/caml_nativeint_extern.cmj runtime/caml_string_extern.cmj
 o runtime/caml_format.cmi : cc runtime/caml_format.mli | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
 o runtime/caml_hash.cmj : cc_cmi runtime/caml_hash.res | runtime/caml_hash.cmi runtime/caml_hash_primitive.cmj runtime/caml_nativeint_extern.cmj runtime/js.cmj
 o runtime/caml_hash.cmi : cc runtime/caml_hash.resi | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
@@ -37,7 +37,7 @@ o runtime/caml_md5.cmj : cc_cmi runtime/caml_md5.res | runtime/caml_array_extern
 o runtime/caml_md5.cmi : cc runtime/caml_md5.resi | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
 o runtime/caml_module.cmj : cc_cmi runtime/caml_module.res | runtime/caml_array_extern.cmj runtime/caml_module.cmi runtime/caml_obj.cmj
 o runtime/caml_module.cmi : cc runtime/caml_module.resi | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
-o runtime/caml_obj.cmj : cc_cmi runtime/caml_obj.res | runtime/caml_array_extern.cmj runtime/caml_obj.cmi runtime/caml_option.cmj runtime/js.cmj
+o runtime/caml_obj.cmj : cc_cmi runtime/caml_obj.res | runtime/caml.cmj runtime/caml_array_extern.cmj runtime/caml_obj.cmi runtime/caml_option.cmj runtime/js.cmj
 o runtime/caml_obj.cmi : cc runtime/caml_obj.resi | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
 o runtime/caml_option.cmj : cc_cmi runtime/caml_option.res | runtime/caml_option.cmi runtime/caml_undefined_extern.cmj runtime/js.cmj
 o runtime/caml_option.cmi : cc runtime/caml_option.resi | runtime/bs_stdlib_mini.cmi runtime/caml_undefined_extern.cmj runtime/js.cmi runtime/js.cmj
@@ -54,7 +54,7 @@ o runtime/caml_exceptions.cmi runtime/caml_exceptions.cmj : cc runtime/caml_exce
 o runtime/caml_external_polyfill.cmi runtime/caml_external_polyfill.cmj : cc runtime/caml_external_polyfill.res | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
 o runtime/caml_float_extern.cmi runtime/caml_float_extern.cmj : cc runtime/caml_float_extern.res | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
 o runtime/caml_int64_extern.cmi runtime/caml_int64_extern.cmj : cc runtime/caml_int64_extern.res | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
-o runtime/caml_js_exceptions.cmi runtime/caml_js_exceptions.cmj : cc runtime/caml_js_exceptions.res | runtime/bs_stdlib_mini.cmi runtime/caml_exceptions.cmj runtime/js.cmi runtime/js.cmj
+o runtime/caml_js_exceptions.cmi runtime/caml_js_exceptions.cmj : cc runtime/caml_js_exceptions.res | runtime/bs_stdlib_mini.cmi runtime/caml_exceptions.cmj runtime/caml_option.cmj runtime/js.cmi runtime/js.cmj
 o runtime/caml_nativeint_extern.cmi runtime/caml_nativeint_extern.cmj : cc runtime/caml_nativeint_extern.res | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
 o runtime/caml_string_extern.cmi runtime/caml_string_extern.cmj : cc runtime/caml_string_extern.res | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
 o runtime/caml_undefined_extern.cmi runtime/caml_undefined_extern.cmj : cc runtime/caml_undefined_extern.res | runtime/bs_stdlib_mini.cmi runtime/js.cmi runtime/js.cmj
diff --git a/jscomp/test/Import.js b/jscomp/test/Import.js
index 5f36312847..4336162e61 100644
--- a/jscomp/test/Import.js
+++ b/jscomp/test/Import.js
@@ -101,6 +101,34 @@ async function f3(param) {
         ];
 }
 
+async function f4(param) {
+  return (await import("../../lib/js/belt_Array.js")).forEach;
+}
+
+async function f5(param) {
+  var A = await import("../../lib/js/belt_Array.js");
+  var O = await import("../../lib/js/belt_Option.js");
+  return [
+          A.forEach,
+          O.forEach
+        ];
+}
+
+async function f6(param) {
+  var MS = await import("../../lib/js/belt_MapString.js");
+  var A = await import("../../lib/js/belt_Array.js");
+  return [
+          0,
+          MS.forEach,
+          A.forEach
+        ];
+}
+
+async function f7(param) {
+  await import("../../lib/js/belt_MapInt.js");
+  return 1;
+}
+
 var each = M1.forEach;
 
 var M2;
@@ -121,4 +149,8 @@ exports.f = f;
 exports.f1 = f1;
 exports.f2 = f2;
 exports.f3 = f3;
+exports.f4 = f4;
+exports.f5 = f5;
+exports.f6 = f6;
+exports.f7 = f7;
 /*  Not a pure module */
diff --git a/jscomp/test/Import.res b/jscomp/test/Import.res
index 9c019cab2d..5b8097bf64 100644
--- a/jscomp/test/Import.res
+++ b/jscomp/test/Import.res
@@ -59,3 +59,34 @@ let f3 = async () => {
   module M4 = await Belt.List
   (M3.forEach, M4.forEach)
 }
+
+let f4 = async () => {
+  module A = await Belt.Array
+  A.forEach
+}
+
+let f5 = async () => {
+  module A = await Belt.Array
+  module O = await Belt.Option
+  (A.forEach, O.forEach)
+}
+
+let f6 = async () => {
+  let a = 0
+  and b = {
+    module MS = await Belt.Map.String
+    MS.forEach
+  }
+  module A = await Belt.Array
+  (a, b, A.forEach)
+}
+
+let f7 = async () => {
+  if true {
+    module MI = await Belt.Map.Int
+    1
+  } else {
+    module MI = await Belt.Map.Dict
+    0
+  }
+}