diff --git a/packages/commonjs/src/index.js b/packages/commonjs/src/index.js
index 07ed83dfc..6c624ca9e 100644
--- a/packages/commonjs/src/index.js
+++ b/packages/commonjs/src/index.js
@@ -36,12 +36,23 @@ import {
 export default function commonjs(options = {}) {
   const extensions = options.extensions || ['.js'];
   const filter = createFilter(options.include, options.exclude);
-  // TODO Lukas document values: true, 'preferred', 'auto', false
-  const { ignoreGlobal, requireReturnsDefault: requireReturnsDefaultOption } = options;
+  // TODO Lukas document esmExternals
+  const {
+    ignoreGlobal,
+    requireReturnsDefault: requireReturnsDefaultOption,
+    esmExternals
+  } = options;
   const getRequireReturnsDefault =
     typeof requireReturnsDefaultOption === 'function'
       ? requireReturnsDefaultOption
       : () => requireReturnsDefaultOption;
+  let esmExternalIds;
+  const isEsmExternal =
+    typeof esmExternals === 'function'
+      ? esmExternals
+      : Array.isArray(esmExternals)
+      ? ((esmExternalIds = new Set(esmExternals)), (id) => esmExternalIds.has(id))
+      : () => esmExternals;
 
   const { dynamicRequireModuleSet, dynamicRequireModuleDirPaths } = getDynamicRequirePaths(
     options.dynamicRequireTargets
@@ -137,7 +148,10 @@ export default function commonjs(options = {}) {
 
       if (id.endsWith(EXTERNAL_SUFFIX)) {
         const actualId = getIdFromExternalProxyId(id);
-        return getUnknownRequireProxy(actualId, getRequireReturnsDefault(actualId));
+        return getUnknownRequireProxy(
+          actualId,
+          isEsmExternal(actualId) ? getRequireReturnsDefault(actualId) : true
+        );
       }
 
       if (id === DYNAMIC_PACKAGES_ID) {
diff --git a/packages/commonjs/test/fixtures/function/esm-externals-false/_config.js b/packages/commonjs/test/fixtures/function/esm-externals-false/_config.js
new file mode 100644
index 000000000..fece1fe53
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/esm-externals-false/_config.js
@@ -0,0 +1,15 @@
+module.exports = {
+  description: 'always uses the default export when esmExternals is not used',
+  options: {
+    external: [
+      'external-cjs-exports',
+      'external-cjs-module-exports',
+      'external-esm-named',
+      'external-esm-mixed',
+      'external-esm-default'
+    ]
+  },
+  pluginOptions: {
+    esmExternals: false
+  }
+};
diff --git a/packages/commonjs/test/fixtures/function/esm-externals-false/main.js b/packages/commonjs/test/fixtures/function/esm-externals-false/main.js
new file mode 100644
index 000000000..d1a5156cf
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/esm-externals-false/main.js
@@ -0,0 +1,11 @@
+const externalExports = require('external-cjs-exports');
+const externalModuleExports = require('external-cjs-module-exports');
+const externalNamed = require('external-esm-named');
+const externalMixed = require('external-esm-mixed');
+const externalDefault = require('external-esm-default');
+
+t.deepEqual(externalExports, { foo: 'foo' }, 'external exports');
+t.deepEqual(externalModuleExports, 'bar', 'external module exports');
+t.deepEqual(externalNamed, { foo: 'foo' }, 'external named');
+t.deepEqual(externalMixed, 'bar', 'external mixed');
+t.deepEqual(externalDefault, 'bar', 'external default');
diff --git a/packages/commonjs/test/fixtures/function/esm-externals-function/_config.js b/packages/commonjs/test/fixtures/function/esm-externals-function/_config.js
new file mode 100644
index 000000000..990ca06e7
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/esm-externals-function/_config.js
@@ -0,0 +1,36 @@
+const assert = require('assert');
+
+const called = {};
+
+module.exports = {
+  description: 'always uses the default export when esmExternals is not used',
+  options: {
+    external: [
+      'external-cjs-exports',
+      'external-cjs-module-exports',
+      'external-esm-named',
+      'external-esm-mixed',
+      'external-esm-default'
+    ],
+    plugins: [
+      {
+        name: 'test-plugin',
+        buildEnd() {
+          assert.deepStrictEqual(called, {
+            'external-cjs-exports': 1,
+            'external-cjs-module-exports': 1,
+            'external-esm-named': 1,
+            'external-esm-mixed': 1,
+            'external-esm-default': 1
+          });
+        }
+      }
+    ]
+  },
+  pluginOptions: {
+    esmExternals: (id) => {
+      called[id] = (called[id] || 0) + 1;
+      return id === 'external-esm-default';
+    }
+  }
+};
diff --git a/packages/commonjs/test/fixtures/function/esm-externals-function/main.js b/packages/commonjs/test/fixtures/function/esm-externals-function/main.js
new file mode 100644
index 000000000..88aa332ec
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/esm-externals-function/main.js
@@ -0,0 +1,11 @@
+const externalExports = require('external-cjs-exports');
+const externalModuleExports = require('external-cjs-module-exports');
+const externalNamed = require('external-esm-named');
+const externalMixed = require('external-esm-mixed');
+const externalDefault = require('external-esm-default');
+
+t.deepEqual(externalExports, { foo: 'foo' }, 'external exports');
+t.deepEqual(externalModuleExports, 'bar', 'external module exports');
+t.deepEqual(externalNamed, { foo: 'foo' }, 'external named');
+t.deepEqual(externalMixed, 'bar', 'external mixed');
+t.deepEqual(externalDefault, { default: 'bar' }, 'external default');
diff --git a/packages/commonjs/test/fixtures/function/esm-externals-list/_config.js b/packages/commonjs/test/fixtures/function/esm-externals-list/_config.js
new file mode 100644
index 000000000..dac64cda6
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/esm-externals-list/_config.js
@@ -0,0 +1,15 @@
+module.exports = {
+  description: 'always uses the default export when esmExternals is not used',
+  options: {
+    external: [
+      'external-cjs-exports',
+      'external-cjs-module-exports',
+      'external-esm-named',
+      'external-esm-mixed',
+      'external-esm-default'
+    ]
+  },
+  pluginOptions: {
+    esmExternals: ['external-esm-default']
+  }
+};
diff --git a/packages/commonjs/test/fixtures/function/esm-externals-list/main.js b/packages/commonjs/test/fixtures/function/esm-externals-list/main.js
new file mode 100644
index 000000000..88aa332ec
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/esm-externals-list/main.js
@@ -0,0 +1,11 @@
+const externalExports = require('external-cjs-exports');
+const externalModuleExports = require('external-cjs-module-exports');
+const externalNamed = require('external-esm-named');
+const externalMixed = require('external-esm-mixed');
+const externalDefault = require('external-esm-default');
+
+t.deepEqual(externalExports, { foo: 'foo' }, 'external exports');
+t.deepEqual(externalModuleExports, 'bar', 'external module exports');
+t.deepEqual(externalNamed, { foo: 'foo' }, 'external named');
+t.deepEqual(externalMixed, 'bar', 'external mixed');
+t.deepEqual(externalDefault, { default: 'bar' }, 'external default');
diff --git a/packages/commonjs/test/fixtures/function/esm-externals-true/_config.js b/packages/commonjs/test/fixtures/function/esm-externals-true/_config.js
new file mode 100644
index 000000000..608ac5468
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/esm-externals-true/_config.js
@@ -0,0 +1,15 @@
+module.exports = {
+  description: 'always uses the default export when esmExternals is not used',
+  options: {
+    external: [
+      'external-cjs-exports',
+      'external-cjs-module-exports',
+      'external-esm-named',
+      'external-esm-mixed',
+      'external-esm-default'
+    ]
+  },
+  pluginOptions: {
+    esmExternals: true
+  }
+};
diff --git a/packages/commonjs/test/fixtures/function/esm-externals-true/main.js b/packages/commonjs/test/fixtures/function/esm-externals-true/main.js
new file mode 100644
index 000000000..ca7736577
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/esm-externals-true/main.js
@@ -0,0 +1,11 @@
+const externalExports = require('external-cjs-exports');
+const externalModuleExports = require('external-cjs-module-exports');
+const externalNamed = require('external-esm-named');
+const externalMixed = require('external-esm-mixed');
+const externalDefault = require('external-esm-default');
+
+t.deepEqual(externalExports, { foo: 'foo' }, 'external exports');
+t.deepEqual(externalModuleExports, 'bar', 'external module exports');
+t.deepEqual(externalNamed, { foo: 'foo' }, 'external named');
+t.deepEqual(externalMixed, { default: 'bar', foo: 'foo' }, 'external mixed');
+t.deepEqual(externalDefault, { default: 'bar' }, 'external default');
diff --git a/packages/commonjs/test/fixtures/function/esm-externals-undefined/_config.js b/packages/commonjs/test/fixtures/function/esm-externals-undefined/_config.js
new file mode 100644
index 000000000..8415861e7
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/esm-externals-undefined/_config.js
@@ -0,0 +1,12 @@
+module.exports = {
+  description: 'always uses the default export when esmExternals is not used',
+  options: {
+    external: [
+      'external-cjs-exports',
+      'external-cjs-module-exports',
+      'external-esm-named',
+      'external-esm-mixed',
+      'external-esm-default'
+    ]
+  }
+};
diff --git a/packages/commonjs/test/fixtures/function/esm-externals-undefined/main.js b/packages/commonjs/test/fixtures/function/esm-externals-undefined/main.js
new file mode 100644
index 000000000..d1a5156cf
--- /dev/null
+++ b/packages/commonjs/test/fixtures/function/esm-externals-undefined/main.js
@@ -0,0 +1,11 @@
+const externalExports = require('external-cjs-exports');
+const externalModuleExports = require('external-cjs-module-exports');
+const externalNamed = require('external-esm-named');
+const externalMixed = require('external-esm-mixed');
+const externalDefault = require('external-esm-default');
+
+t.deepEqual(externalExports, { foo: 'foo' }, 'external exports');
+t.deepEqual(externalModuleExports, 'bar', 'external module exports');
+t.deepEqual(externalNamed, { foo: 'foo' }, 'external named');
+t.deepEqual(externalMixed, 'bar', 'external mixed');
+t.deepEqual(externalDefault, 'bar', 'external default');
diff --git a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-auto/_config.js b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-auto/_config.js
index 29635f5c6..49dbcbf2c 100644
--- a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-auto/_config.js
+++ b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-auto/_config.js
@@ -5,6 +5,7 @@ module.exports = {
     external: ['external-esm-named', 'external-esm-mixed', 'external-esm-default']
   },
   pluginOptions: {
-    requireReturnsDefault: 'auto'
+    requireReturnsDefault: 'auto',
+    esmExternals: true
   }
 };
diff --git a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-false/_config.js b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-false/_config.js
index 601675af8..ee92ea3f7 100644
--- a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-false/_config.js
+++ b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-false/_config.js
@@ -5,6 +5,7 @@ module.exports = {
     external: ['external-esm-named', 'external-esm-mixed', 'external-esm-default']
   },
   pluginOptions: {
-    requireReturnsDefault: false
+    requireReturnsDefault: false,
+    esmExternals: true
   }
 };
diff --git a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-function-called-once/_config.js b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-function-called-once/_config.js
index 7c2aaee85..69cd937f2 100644
--- a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-function-called-once/_config.js
+++ b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-function-called-once/_config.js
@@ -1,10 +1,6 @@
 const assert = require('assert');
 
-const called = {
-  'main.js': 0,
-  'both.js': 0,
-  'other.js': 0
-};
+const called = {};
 
 module.exports = {
   description: 'only calls a requireReturnsDefault function once per id',
@@ -37,7 +33,7 @@ module.exports = {
     requireReturnsDefault: (id) => {
       const [prefix, name] = id.split('_');
       if (prefix === 'dep') {
-        called[name] += 1;
+        called[name] = (called[name] || 0) + 1;
         return 'preferred';
       }
       return false;
diff --git a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-function-external/_config.js b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-function-external/_config.js
index 5c408d55b..7433b2b61 100644
--- a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-function-external/_config.js
+++ b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-function-external/_config.js
@@ -8,6 +8,7 @@ module.exports = {
       if (id === 'external-esm-mixed') return true;
       if (id === 'external-esm-default') return false;
       return 'auto';
-    }
+    },
+    esmExternals: true
   }
 };
diff --git a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-preferred/_config.js b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-preferred/_config.js
index b3f986fd0..6cec5f85f 100644
--- a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-preferred/_config.js
+++ b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-preferred/_config.js
@@ -5,6 +5,7 @@ module.exports = {
     external: ['external-esm-named', 'external-esm-mixed', 'external-esm-default']
   },
   pluginOptions: {
-    requireReturnsDefault: 'preferred'
+    requireReturnsDefault: 'preferred',
+    esmExternals: true
   }
 };
diff --git a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-true/_config.js b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-true/_config.js
index 157a33919..a65484de0 100644
--- a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-true/_config.js
+++ b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-true/_config.js
@@ -5,6 +5,7 @@ module.exports = {
     external: ['external-esm-named', 'external-esm-mixed', 'external-esm-default']
   },
   pluginOptions: {
-    requireReturnsDefault: true
+    requireReturnsDefault: true,
+    esmExternals: true
   }
 };
diff --git a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-undefined/_config.js b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-undefined/_config.js
index 2a9b1188d..66dd8481d 100644
--- a/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-undefined/_config.js
+++ b/packages/commonjs/test/fixtures/function/import-esm-require-returns-default-undefined/_config.js
@@ -3,5 +3,8 @@ module.exports = {
     'returns the namespace when requiring an ES module and requireReturnsDefault is missing',
   options: {
     external: ['external-esm-named', 'external-esm-mixed', 'external-esm-default']
+  },
+  pluginOptions: {
+    esmExternals: true
   }
 };
diff --git a/packages/commonjs/test/snapshots/function.js.md b/packages/commonjs/test/snapshots/function.js.md
index af858ea6a..b4aa0def7 100644
--- a/packages/commonjs/test/snapshots/function.js.md
+++ b/packages/commonjs/test/snapshots/function.js.md
@@ -778,7 +778,9 @@ Generated by [AVA](https://ava.li).
     {
       'main.js': `'use strict';␊
       ␊
-      var path = require('path');␊
+      function _interopDefault (ex) { return (ex && (typeof ex === 'object') && 'default' in ex) ? ex['default'] : ex; }␊
+      ␊
+      var Path = _interopDefault(require('path'));␊
       ␊
       var commonjsGlobal = typeof globalThis !== 'undefined' ? globalThis : typeof window !== 'undefined' ? window : typeof global !== 'undefined' ? global : typeof self !== 'undefined' ? self : {};␊
       ␊
@@ -929,7 +931,7 @@ Generated by [AVA](https://ava.li).
       ␊
       const basePath = `${process.cwd()}/fixtures/function/dynamic-require-absolute-paths`;␊
       ␊
-      t.is(commonjsRequire(path.resolve(`${basePath}/submodule.js`),"/$$rollup_base$$/fixtures/function/dynamic-require-absolute-paths"), 'submodule');␊
+      t.is(commonjsRequire(Path.resolve(`${basePath}/submodule.js`),"/$$rollup_base$$/fixtures/function/dynamic-require-absolute-paths"), 'submodule');␊
       ␊
       var main = {␊
       ␊
@@ -2777,6 +2779,149 @@ Generated by [AVA](https://ava.li).
       `,
     }
 
+## esm-externals-false
+
+> Snapshot 1
+
+    {
+      'main.js': `'use strict';␊
+      ␊
+      function _interopDefault (ex) { return (ex && (typeof ex === 'object') && 'default' in ex) ? ex['default'] : ex; }␊
+      ␊
+      var externalExports = _interopDefault(require('external-cjs-exports'));␊
+      var externalModuleExports = _interopDefault(require('external-cjs-module-exports'));␊
+      var externalNamed = _interopDefault(require('external-esm-named'));␊
+      var externalMixed = _interopDefault(require('external-esm-mixed'));␊
+      var externalDefault = _interopDefault(require('external-esm-default'));␊
+      ␊
+      t.deepEqual(externalExports, { foo: 'foo' }, 'external exports');␊
+      t.deepEqual(externalModuleExports, 'bar', 'external module exports');␊
+      t.deepEqual(externalNamed, { foo: 'foo' }, 'external named');␊
+      t.deepEqual(externalMixed, 'bar', 'external mixed');␊
+      t.deepEqual(externalDefault, 'bar', 'external default');␊
+      ␊
+      var main = {␊
+      ␊
+      };␊
+      ␊
+      module.exports = main;␊
+      `,
+    }
+
+## esm-externals-function
+
+> Snapshot 1
+
+    {
+      'main.js': `'use strict';␊
+      ␊
+      function _interopDefault (ex) { return (ex && (typeof ex === 'object') && 'default' in ex) ? ex['default'] : ex; }␊
+      ␊
+      var externalExports = _interopDefault(require('external-cjs-exports'));␊
+      var externalModuleExports = _interopDefault(require('external-cjs-module-exports'));␊
+      var externalNamed = _interopDefault(require('external-esm-named'));␊
+      var externalMixed = _interopDefault(require('external-esm-mixed'));␊
+      var externalEsmDefault = require('external-esm-default');␊
+      ␊
+      t.deepEqual(externalExports, { foo: 'foo' }, 'external exports');␊
+      t.deepEqual(externalModuleExports, 'bar', 'external module exports');␊
+      t.deepEqual(externalNamed, { foo: 'foo' }, 'external named');␊
+      t.deepEqual(externalMixed, 'bar', 'external mixed');␊
+      t.deepEqual(externalEsmDefault, { default: 'bar' }, 'external default');␊
+      ␊
+      var main = {␊
+      ␊
+      };␊
+      ␊
+      module.exports = main;␊
+      `,
+    }
+
+## esm-externals-list
+
+> Snapshot 1
+
+    {
+      'main.js': `'use strict';␊
+      ␊
+      function _interopDefault (ex) { return (ex && (typeof ex === 'object') && 'default' in ex) ? ex['default'] : ex; }␊
+      ␊
+      var externalExports = _interopDefault(require('external-cjs-exports'));␊
+      var externalModuleExports = _interopDefault(require('external-cjs-module-exports'));␊
+      var externalNamed = _interopDefault(require('external-esm-named'));␊
+      var externalMixed = _interopDefault(require('external-esm-mixed'));␊
+      var externalEsmDefault = require('external-esm-default');␊
+      ␊
+      t.deepEqual(externalExports, { foo: 'foo' }, 'external exports');␊
+      t.deepEqual(externalModuleExports, 'bar', 'external module exports');␊
+      t.deepEqual(externalNamed, { foo: 'foo' }, 'external named');␊
+      t.deepEqual(externalMixed, 'bar', 'external mixed');␊
+      t.deepEqual(externalEsmDefault, { default: 'bar' }, 'external default');␊
+      ␊
+      var main = {␊
+      ␊
+      };␊
+      ␊
+      module.exports = main;␊
+      `,
+    }
+
+## esm-externals-true
+
+> Snapshot 1
+
+    {
+      'main.js': `'use strict';␊
+      ␊
+      var externalCjsExports = require('external-cjs-exports');␊
+      var externalCjsModuleExports = require('external-cjs-module-exports');␊
+      var externalEsmNamed = require('external-esm-named');␊
+      var externalEsmMixed = require('external-esm-mixed');␊
+      var externalEsmDefault = require('external-esm-default');␊
+      ␊
+      t.deepEqual(externalCjsExports, { foo: 'foo' }, 'external exports');␊
+      t.deepEqual(externalCjsModuleExports, 'bar', 'external module exports');␊
+      t.deepEqual(externalEsmNamed, { foo: 'foo' }, 'external named');␊
+      t.deepEqual(externalEsmMixed, { default: 'bar', foo: 'foo' }, 'external mixed');␊
+      t.deepEqual(externalEsmDefault, { default: 'bar' }, 'external default');␊
+      ␊
+      var main = {␊
+      ␊
+      };␊
+      ␊
+      module.exports = main;␊
+      `,
+    }
+
+## esm-externals-undefined
+
+> Snapshot 1
+
+    {
+      'main.js': `'use strict';␊
+      ␊
+      function _interopDefault (ex) { return (ex && (typeof ex === 'object') && 'default' in ex) ? ex['default'] : ex; }␊
+      ␊
+      var externalExports = _interopDefault(require('external-cjs-exports'));␊
+      var externalModuleExports = _interopDefault(require('external-cjs-module-exports'));␊
+      var externalNamed = _interopDefault(require('external-esm-named'));␊
+      var externalMixed = _interopDefault(require('external-esm-mixed'));␊
+      var externalDefault = _interopDefault(require('external-esm-default'));␊
+      ␊
+      t.deepEqual(externalExports, { foo: 'foo' }, 'external exports');␊
+      t.deepEqual(externalModuleExports, 'bar', 'external module exports');␊
+      t.deepEqual(externalNamed, { foo: 'foo' }, 'external named');␊
+      t.deepEqual(externalMixed, 'bar', 'external mixed');␊
+      t.deepEqual(externalDefault, 'bar', 'external default');␊
+      ␊
+      var main = {␊
+      ␊
+      };␊
+      ␊
+      module.exports = main;␊
+      `,
+    }
+
 ## export-default-from
 
 > Snapshot 1
@@ -2827,7 +2972,9 @@ Generated by [AVA](https://ava.li).
     {
       'main.js': `'use strict';␊
       ␊
-      var foo = require('foo');␊
+      function _interopDefault (ex) { return (ex && (typeof ex === 'object') && 'default' in ex) ? ex['default'] : ex; }␊
+      ␊
+      var foo = _interopDefault(require('foo'));␊
       ␊
       var main = foo;␊
       ␊
diff --git a/packages/commonjs/test/snapshots/function.js.snap b/packages/commonjs/test/snapshots/function.js.snap
index 768fb0d09..db8a75baa 100644
Binary files a/packages/commonjs/test/snapshots/function.js.snap and b/packages/commonjs/test/snapshots/function.js.snap differ