diff --git a/lib/std/Build/Step/Run.zig b/lib/std/Build/Step/Run.zig
index ca5525eff4..eb5ea1c607 100644
--- a/lib/std/Build/Step/Run.zig
+++ b/lib/std/Build/Step/Run.zig
@@ -629,9 +629,22 @@ fn checksContainStderr(checks: []const StdIo.Check) bool {
 fn convertPathArg(run: *Run, path: Build.Cache.Path) []const u8 {
     const b = run.step.owner;
     const path_str = path.toString(b.graph.arena) catch @panic("OOM");
-    const child_lazy_cwd = run.cwd orelse return path_str;
-    const child_cwd = child_lazy_cwd.getPath3(b, &run.step).toString(b.graph.arena) catch @panic("OOM");
-    return std.fs.path.relative(b.graph.arena, child_cwd, path_str) catch @panic("OOM");
+    if (std.fs.path.isAbsolute(path_str)) {
+        // Absolute paths don't need changing.
+        return path_str;
+    }
+    const child_cwd_rel: []const u8 = rel: {
+        const child_lazy_cwd = run.cwd orelse break :rel path_str;
+        const child_cwd = child_lazy_cwd.getPath3(b, &run.step).toString(b.graph.arena) catch @panic("OOM");
+        // Convert it from relative to *our* cwd, to relative to the *child's* cwd.
+        break :rel std.fs.path.relative(b.graph.arena, child_cwd, path_str) catch @panic("OOM");
+    };
+    assert(!std.fs.path.isAbsolute(child_cwd_rel));
+    // We're not done yet. In some cases this path must be prefixed with './':
+    // * On POSIX, the executable name cannot be a single component like 'foo'
+    // * Some executables might treat a leading '-' like a flag, which we must avoid
+    // There's no harm in it, so just *always* apply this prefix.
+    return std.fs.path.join(b.graph.arena, &.{ ".", child_cwd_rel }) catch @panic("OOM");
 }
 
 const IndexedOutput = struct {
@@ -756,6 +769,11 @@ fn make(step: *Step, options: Step.MakeOptions) !void {
         _ = try man.addFile(lazy_path.getPath2(b, step), null);
     }
 
+    if (run.cwd) |cwd| {
+        const cwd_path = cwd.getPath3(b, step);
+        _ = man.hash.addBytes(try cwd_path.toString(arena));
+    }
+
     if (!has_side_effects and try step.cacheHitAndWatch(&man)) {
         // cache hit, skip running command
         const digest = man.final();
diff --git a/test/standalone/run_cwd/build.zig b/test/standalone/run_cwd/build.zig
new file mode 100644
index 0000000000..d66393a602
--- /dev/null
+++ b/test/standalone/run_cwd/build.zig
@@ -0,0 +1,30 @@
+pub fn build(b: *Build) void {
+    const exe = b.addExecutable(.{
+        .name = "check_file_exists",
+        .root_module = b.createModule(.{
+            .target = b.graph.host,
+            .optimize = .Debug,
+            .root_source_file = b.path("check_file_exists.zig"),
+        }),
+    });
+
+    const test_step = b.step("test", "Test it");
+    b.default_step = test_step;
+
+    test_step.dependOn(addCheck(b, exe, ".", null));
+    test_step.dependOn(addCheck(b, exe, "..", b.path("..")));
+    test_step.dependOn(addCheck(b, exe, "exe dir", exe.getEmittedBin().dirname()));
+    test_step.dependOn(addCheck(b, exe, "exe dir/..", exe.getEmittedBin().dirname().dirname()));
+    test_step.dependOn(addCheck(b, exe, "./empty_dir", b.path("empty_dir")));
+}
+
+fn addCheck(b: *Build, exe: *Build.Step.Compile, cwd_name: []const u8, opt_cwd: ?Build.LazyPath) *Build.Step {
+    const run = b.addRunArtifact(exe);
+    if (opt_cwd) |cwd| run.setCwd(cwd);
+    run.addFileArg(b.path("file_that_exists.txt"));
+    run.setName(b.fmt("check in '{s}'", .{cwd_name}));
+    run.expectExitCode(0);
+    return &run.step;
+}
+
+const Build = @import("std").Build;
diff --git a/test/standalone/run_cwd/check_file_exists.zig b/test/standalone/run_cwd/check_file_exists.zig
new file mode 100644
index 0000000000..640fc99a7a
--- /dev/null
+++ b/test/standalone/run_cwd/check_file_exists.zig
@@ -0,0 +1,14 @@
+pub fn main() !void {
+    var arena_state: std.heap.ArenaAllocator = .init(std.heap.page_allocator);
+    defer arena_state.deinit();
+    const arena = arena_state.allocator();
+
+    const args = try std.process.argsAlloc(arena);
+
+    if (args.len != 2) return error.BadUsage;
+    const path = args[1];
+
+    std.fs.cwd().access(path, .{}) catch return error.AccessFailed;
+}
+
+const std = @import("std");
diff --git a/test/standalone/run_cwd/empty_dir/make_git_happy b/test/standalone/run_cwd/empty_dir/make_git_happy
new file mode 100644
index 0000000000..e69de29bb2
diff --git a/test/standalone/run_cwd/file_that_exists.txt b/test/standalone/run_cwd/file_that_exists.txt
new file mode 100644
index 0000000000..e69de29bb2