diff --git a/docs/generated/packages/js/executors/swc.json b/docs/generated/packages/js/executors/swc.json
index c2ddecf4221f4..871bf81b1d392 100644
--- a/docs/generated/packages/js/executors/swc.json
+++ b/docs/generated/packages/js/executors/swc.json
@@ -116,6 +116,12 @@
         "items": { "type": "string" },
         "description": "List of target names that annotate a build target for a project",
         "default": ["build"]
+      },
+      "generateLockfile": {
+        "type": "boolean",
+        "description": "Generate a lockfile (e.g. yarn.lock) that matches the workspace lockfile to ensure package versions match.",
+        "default": false,
+        "x-priority": "internal"
       }
     },
     "required": ["main", "outputPath", "tsConfig"],
diff --git a/docs/generated/packages/js/executors/tsc.json b/docs/generated/packages/js/executors/tsc.json
index e6de3ce35f8d2..3cc27ffe2cb96 100644
--- a/docs/generated/packages/js/executors/tsc.json
+++ b/docs/generated/packages/js/executors/tsc.json
@@ -116,6 +116,12 @@
         "items": { "type": "string" },
         "description": "List of target names that annotate a build target for a project",
         "default": ["build"]
+      },
+      "generateLockfile": {
+        "type": "boolean",
+        "description": "Generate a lockfile (e.g. yarn.lock) that matches the workspace lockfile to ensure package versions match.",
+        "default": false,
+        "x-priority": "internal"
       }
     },
     "required": ["main", "outputPath", "tsConfig"],
diff --git a/e2e/js/src/js-swc.test.ts b/e2e/js/src/js-swc.test.ts
index aadc991eff8ab..b6ebb923d78b8 100644
--- a/e2e/js/src/js-swc.test.ts
+++ b/e2e/js/src/js-swc.test.ts
@@ -3,10 +3,13 @@ import {
   checkFilesDoNotExist,
   checkFilesExist,
   cleanupProject,
+  detectPackageManager,
   newProject,
+  packageManagerLockFile,
   readJson,
   runCLI,
   runCLIAsync,
+  tmpProjPath,
   uniq,
   updateFile,
   updateJson,
@@ -80,6 +83,14 @@ describe('js e2e', () => {
     expect(output).toContain('1 task it depends on');
     expect(output).toContain('Successfully compiled: 2 files with swc');
 
+    runCLI(`build ${parentLib} --generateLockfile=true`);
+    checkFilesExist(
+      `dist/libs/${parentLib}/package.json`,
+      `dist/libs/${parentLib}/${
+        packageManagerLockFile[detectPackageManager(tmpProjPath())]
+      }`
+    );
+
     updateJson(`libs/${lib}/.lib.swcrc`, (json) => {
       json.jsc.externalHelpers = true;
       return json;
diff --git a/e2e/js/src/js-tsc.test.ts b/e2e/js/src/js-tsc.test.ts
index 63846ecc55fff..b3e49cfebd478 100644
--- a/e2e/js/src/js-tsc.test.ts
+++ b/e2e/js/src/js-tsc.test.ts
@@ -3,6 +3,7 @@ import {
   checkFilesDoNotExist,
   checkFilesExist,
   cleanupProject,
+  detectPackageManager,
   getPackageManagerCommand,
   newProject,
   packageManagerLockFile,
@@ -12,6 +13,7 @@ import {
   runCLIAsync,
   runCommand,
   runCommandUntil,
+  tmpProjPath,
   uniq,
   updateFile,
   updateJson,
@@ -49,6 +51,14 @@ describe('js e2e', () => {
       `dist/libs/${lib}/src/lib/${lib}.d.ts`
     );
 
+    runCLI(`build ${lib} --generateLockfile=true`);
+    checkFilesExist(
+      `dist/libs/${lib}/package.json`,
+      `dist/libs/${lib}/${
+        packageManagerLockFile[detectPackageManager(tmpProjPath())]
+      }`
+    );
+
     updateJson(`libs/${lib}/project.json`, (json) => {
       json.targets.build.options.assets.push({
         input: `libs/${lib}/docs`,
@@ -187,9 +197,10 @@ describe('package.json updates', () => {
     runCLI(`build ${lib}`);
 
     // Check that only 'react' exists, don't care about version
-    expect(readJson(`dist/libs/${lib}/package.json`).dependencies).toEqual({});
-    expect(readJson(`dist/libs/${lib}/package.json`).peerDependencies).toEqual({
+    expect(readJson(`dist/libs/${lib}/package.json`).dependencies).toEqual({
       react: expect.any(String),
+    });
+    expect(readJson(`dist/libs/${lib}/package.json`).peerDependencies).toEqual({
       tslib: expect.any(String),
     });
     checkFilesDoNotExist(`dist/libs/${lib}/${packageManagerLockFile['npm']}`);
diff --git a/packages/js/src/executors/swc/schema.json b/packages/js/src/executors/swc/schema.json
index 01e5f3bc87243..77856847d9ee9 100644
--- a/packages/js/src/executors/swc/schema.json
+++ b/packages/js/src/executors/swc/schema.json
@@ -97,6 +97,12 @@
       },
       "description": "List of target names that annotate a build target for a project",
       "default": ["build"]
+    },
+    "generateLockfile": {
+      "type": "boolean",
+      "description": "Generate a lockfile (e.g. yarn.lock) that matches the workspace lockfile to ensure package versions match.",
+      "default": false,
+      "x-priority": "internal"
     }
   },
   "required": ["main", "outputPath", "tsConfig"],
diff --git a/packages/js/src/executors/tsc/schema.json b/packages/js/src/executors/tsc/schema.json
index b73a5ba261810..97b03dfd64750 100644
--- a/packages/js/src/executors/tsc/schema.json
+++ b/packages/js/src/executors/tsc/schema.json
@@ -86,6 +86,12 @@
       },
       "description": "List of target names that annotate a build target for a project",
       "default": ["build"]
+    },
+    "generateLockfile": {
+      "type": "boolean",
+      "description": "Generate a lockfile (e.g. yarn.lock) that matches the workspace lockfile to ensure package versions match.",
+      "default": false,
+      "x-priority": "internal"
     }
   },
   "required": ["main", "outputPath", "tsConfig"],
diff --git a/packages/js/src/utils/package-json/update-package-json.spec.ts b/packages/js/src/utils/package-json/update-package-json.spec.ts
index 75ca39593c420..22eb3b7dbe3c1 100644
--- a/packages/js/src/utils/package-json/update-package-json.spec.ts
+++ b/packages/js/src/utils/package-json/update-package-json.spec.ts
@@ -1,4 +1,16 @@
-import { getUpdatedPackageJsonContent } from './update-package-json';
+import {
+  getUpdatedPackageJsonContent,
+  updatePackageJson,
+  UpdatePackageJsonOption,
+} from './update-package-json';
+import { vol } from 'memfs';
+import { ExecutorContext, ProjectGraph } from '@nrwl/devkit';
+import { DependentBuildableProjectNode } from '@nrwl/workspace/src/utilities/buildable-libs-utils';
+
+jest.mock('nx/src/utils/workspace-root', () => ({
+  workspaceRoot: '/root',
+}));
+jest.mock('fs', () => require('memfs').fs);
 
 describe('getUpdatedPackageJsonContent', () => {
   it('should update fields for commonjs only (default)', () => {
@@ -259,3 +271,157 @@ describe('getUpdatedPackageJsonContent', () => {
     });
   });
 });
+
+describe('updatePackageJson', () => {
+  const originalPackageJson = {
+    name: '@org/lib1',
+    version: '0.0.3',
+    dependencies: { lib2: '^0.0.1' },
+    devDependencies: { jest: '27' },
+  };
+  const rootPackageJson = {
+    name: '@org/root',
+    version: '1.2.3',
+    dependencies: { external1: '~1.0.0', external2: '^4.0.0' },
+    devDependencies: { jest: '27' },
+  };
+  const projectGraph: ProjectGraph = {
+    nodes: {
+      '@org/lib1': {
+        type: 'lib',
+        name: '@org/lib1',
+        data: {
+          root: 'libs/lib1',
+          targets: {
+            build: {
+              outputs: ['{workspaceRoot}/dist/libs/lib1'],
+            },
+          },
+          files: [],
+        },
+      },
+    },
+    externalNodes: {
+      'npm:external1': {
+        type: 'npm',
+        name: 'npm:external1',
+        data: {
+          packageName: 'external1',
+          version: '1.0.0',
+        },
+      },
+      'npm:external2': {
+        type: 'npm',
+        name: 'npm:external2',
+        data: {
+          packageName: 'external2',
+          version: '4.5.6',
+        },
+      },
+      'npm:jest': {
+        type: 'npm',
+        name: 'npm:jest',
+        data: {
+          packageName: 'jest',
+          version: '21.1.0',
+        },
+      },
+    },
+    dependencies: {
+      '@org/lib1': [
+        { source: '@org/lib1', target: 'npm:external1', type: 'static' },
+        { source: '@org/lib1', target: 'npm:external2', type: 'static' },
+      ],
+    },
+  };
+  const context: ExecutorContext = {
+    root: '/root',
+    projectName: '@org/lib1',
+    isVerbose: false,
+    cwd: '',
+    targetName: 'build',
+    projectGraph,
+  };
+
+  it('should generate new package if missing', () => {
+    const fsJson = {};
+    vol.fromJSON(fsJson, '/root');
+    const options: UpdatePackageJsonOption = {
+      outputPath: 'dist/libs/lib1',
+      projectRoot: 'libs/lib1',
+      main: 'libs/lib1/main.ts',
+    };
+    const dependencies: DependentBuildableProjectNode[] = [];
+    updatePackageJson(options, context, undefined, dependencies);
+
+    expect(vol.existsSync('dist/libs/lib1/package.json')).toEqual(true);
+    const distPackageJson = JSON.parse(
+      vol.readFileSync('dist/libs/lib1/package.json', 'utf-8').toString()
+    );
+    expect(distPackageJson).toMatchInlineSnapshot(`
+      Object {
+        "main": "./main.js",
+        "name": "@org/lib1",
+        "types": "./main.d.ts",
+        "version": "0.0.1",
+      }
+    `);
+  });
+
+  it('should keep package unchanged if "updateBuildableProjectDepsInPackageJson" not set', () => {
+    const fsJson = {
+      'libs/lib1/package.json': JSON.stringify(originalPackageJson, null, 2),
+    };
+    vol.fromJSON(fsJson, '/root');
+    const options: UpdatePackageJsonOption = {
+      outputPath: 'dist/libs/lib1',
+      projectRoot: 'libs/lib1',
+      main: 'libs/lib1/main.ts',
+    };
+    const dependencies: DependentBuildableProjectNode[] = [];
+    updatePackageJson(options, context, undefined, dependencies);
+
+    expect(vol.existsSync('dist/libs/lib1/package.json')).toEqual(true);
+    const distPackageJson = JSON.parse(
+      vol.readFileSync('dist/libs/lib1/package.json', 'utf-8').toString()
+    );
+    expect(distPackageJson.dependencies).toEqual(
+      originalPackageJson.dependencies
+    );
+    expect(distPackageJson.main).toEqual('./main.js');
+    expect(distPackageJson.types).toEqual('./main.d.ts');
+  });
+
+  it('should modify package if "updateBuildableProjectDepsInPackageJson" is set', () => {
+    const fsJson = {
+      'package.json': JSON.stringify(rootPackageJson, null, 2),
+      'libs/lib1/package.json': JSON.stringify(originalPackageJson, null, 2),
+    };
+    vol.fromJSON(fsJson, '/root');
+    const options: UpdatePackageJsonOption = {
+      outputPath: 'dist/libs/lib1',
+      projectRoot: 'libs/lib1',
+      main: 'libs/lib1/main.ts',
+      updateBuildableProjectDepsInPackageJson: true,
+    };
+    const dependencies: DependentBuildableProjectNode[] = [];
+    updatePackageJson(options, context, undefined, dependencies);
+
+    expect(vol.existsSync('dist/libs/lib1/package.json')).toEqual(true);
+    const distPackageJson = JSON.parse(
+      vol.readFileSync('dist/libs/lib1/package.json', 'utf-8').toString()
+    );
+    expect(distPackageJson).toMatchInlineSnapshot(`
+      Object {
+        "dependencies": Object {
+          "external1": "1.0.0",
+          "external2": "4.5.6",
+        },
+        "main": "./main.js",
+        "name": "@org/lib1",
+        "types": "./main.d.ts",
+        "version": "0.0.1",
+      }
+    `);
+  });
+});
diff --git a/packages/js/src/utils/package-json/update-package-json.ts b/packages/js/src/utils/package-json/update-package-json.ts
index 78083bb47d0c8..885309bda1ace 100644
--- a/packages/js/src/utils/package-json/update-package-json.ts
+++ b/packages/js/src/utils/package-json/update-package-json.ts
@@ -1,15 +1,20 @@
 import {
+  createLockFile,
+  createPackageJson,
   ExecutorContext,
+  getOutputsForTargetAndConfiguration,
+  joinPathFragments,
   normalizePath,
   ProjectGraphProjectNode,
   readJsonFile,
+  workspaceRoot,
   writeJsonFile,
 } from '@nrwl/devkit';
-import {
-  DependentBuildableProjectNode,
-  updateBuildableProjectPackageJsonDependencies,
-} from '@nrwl/workspace/src/utilities/buildable-libs-utils';
+import { DependentBuildableProjectNode } from '@nrwl/workspace/src/utilities/buildable-libs-utils';
 import { basename, dirname, join, parse, relative } from 'path';
+import { getLockFileName } from 'nx/src/lock-file/lock-file';
+import { writeFileSync } from 'fs-extra';
+import { isNpmProject } from 'nx/src/project-graph/operators';
 import { fileExists } from 'nx/src/utils/fileutils';
 import type { PackageJson } from 'nx/src/utils/package-json';
 
@@ -36,6 +41,7 @@ export interface UpdatePackageJsonOption {
   excludeLibsInPackageJson?: boolean;
   updateBuildableProjectDepsInPackageJson?: boolean;
   buildableProjectDepsInPackageJsonType?: 'dependencies' | 'peerDependencies';
+  generateLockfile?: boolean;
 }
 
 export function updatePackageJson(
@@ -44,45 +50,107 @@ export function updatePackageJson(
   target: ProjectGraphProjectNode,
   dependencies: DependentBuildableProjectNode[]
 ): void {
-  const pathToPackageJson = join(
-    context.root,
-    options.projectRoot,
-    'package.json'
-  );
-
-  const packageJson = fileExists(pathToPackageJson)
-    ? readJsonFile(pathToPackageJson)
-    : { name: context.projectName };
+  let packageJson: PackageJson;
 
-  if (options.excludeLibsInPackageJson) {
-    dependencies = dependencies.filter((dep) => dep.node.type !== 'lib');
-  }
+  if (options.updateBuildableProjectDepsInPackageJson) {
+    packageJson = createPackageJson(context.projectName, context.projectGraph, {
+      root: context.root,
+      // By default we remove devDependencies since this is a production build.
+      isProduction: true,
+    });
 
-  writeJsonFile(
-    `${options.outputPath}/package.json`,
-    getUpdatedPackageJsonContent(packageJson, options)
-  );
+    if (options.excludeLibsInPackageJson) {
+      dependencies = dependencies.filter((dep) => dep.node.type !== 'lib');
+    }
 
-  if (
-    dependencies.length > 0 &&
-    options.updateBuildableProjectDepsInPackageJson
-  ) {
-    updateBuildableProjectPackageJsonDependencies(
-      context.root,
-      context.projectName,
-      context.targetName,
-      context.configurationName,
-      target,
+    addMissingDependencies(
+      packageJson,
+      context,
       dependencies,
       options.buildableProjectDepsInPackageJsonType
     );
+  } else {
+    const pathToPackageJson = join(
+      context.root,
+      options.projectRoot,
+      'package.json'
+    );
+    packageJson = fileExists(pathToPackageJson)
+      ? readJsonFile(pathToPackageJson)
+      : { name: context.projectName, version: '0.0.1' };
+  }
+
+  // update package specific settings
+  packageJson = getUpdatedPackageJsonContent(packageJson, options);
+
+  // save files
+  writeJsonFile(`${options.outputPath}/package.json`, packageJson);
+
+  if (options.generateLockfile) {
+    const lockFile = createLockFile(packageJson);
+    writeFileSync(`${options.outputPath}/${getLockFileName()}`, lockFile, {
+      encoding: 'utf-8',
+    });
   }
 }
 
+function addMissingDependencies(
+  packageJson: PackageJson,
+  { projectName, targetName, configurationName, root }: ExecutorContext,
+  dependencies: DependentBuildableProjectNode[],
+  propType: 'dependencies' | 'peerDependencies' = 'dependencies'
+) {
+  const workspacePackageJson = readJsonFile(
+    joinPathFragments(workspaceRoot, 'package.json')
+  );
+  dependencies.forEach((entry) => {
+    if (isNpmProject(entry.node)) {
+      const { packageName, version } = entry.node.data;
+      if (
+        packageJson.dependencies?.[packageName] ||
+        packageJson.devDependencies?.[packageName] ||
+        packageJson.peerDependencies?.[packageName]
+      ) {
+        return;
+      }
+      if (workspacePackageJson.devDependencies?.[packageName]) {
+        return;
+      }
+
+      packageJson[propType] ??= {};
+      packageJson[propType][packageName] = version;
+    } else {
+      const packageName = entry.name;
+      if (
+        !packageJson.dependencies?.[packageName] &&
+        !packageJson.peerDependencies?.[packageName]
+      ) {
+        const outputs = getOutputsForTargetAndConfiguration(
+          {
+            overrides: {},
+            target: {
+              project: projectName,
+              target: targetName,
+              configuration: configurationName,
+            },
+          },
+          entry.node
+        );
+
+        const depPackageJsonPath = join(root, outputs[0], 'package.json');
+        const version = readJsonFile(depPackageJsonPath).version;
+
+        packageJson[propType] ??= {};
+        packageJson[propType][packageName] = version;
+      }
+    }
+  });
+}
+
 export function getUpdatedPackageJsonContent(
   packageJson: PackageJson,
   options: UpdatePackageJsonOption
-) {
+): PackageJson {
   // Default is CJS unless esm is explicitly passed.
   const hasCjsFormat = !options.format || options.format?.includes('cjs');
   const hasEsmFormat = options.format?.includes('esm');
diff --git a/packages/js/src/utils/schema.d.ts b/packages/js/src/utils/schema.d.ts
index 0d31037049c48..c09831472c11e 100644
--- a/packages/js/src/utils/schema.d.ts
+++ b/packages/js/src/utils/schema.d.ts
@@ -47,6 +47,7 @@ export interface ExecutorOptions {
   buildableProjectDepsInPackageJsonType?: 'dependencies' | 'peerDependencies';
   external?: 'all' | 'none' | string[];
   externalBuildTargets?: string[];
+  generateLockfile?: boolean;
 }
 
 export interface NormalizedExecutorOptions extends ExecutorOptions {