diff --git a/lightning-persister/src/fs_store/common.rs b/lightning-persister/src/fs_store/common.rs
index 885f806b344..96e58945f84 100644
--- a/lightning-persister/src/fs_store/common.rs
+++ b/lightning-persister/src/fs_store/common.rs
@@ -11,7 +11,11 @@ use std::collections::HashMap;
 use std::fs;
 use std::io::{ErrorKind, Read, Write};
 use std::path::{Path, PathBuf};
+#[cfg(test)]
+use std::sync::atomic::AtomicBool;
 use std::sync::atomic::{AtomicU64, AtomicUsize, Ordering};
+#[cfg(test)]
+use std::sync::mpsc;
 use std::sync::{Arc, Mutex, RwLock};
 
 #[cfg(target_os = "windows")]
@@ -91,14 +95,20 @@ impl FilesystemStoreState {
 	}
 
 	fn get_new_version_and_lock_ref(&self, dest_file_path: PathBuf) -> (Arc<RwLock<u64>>, u64) {
+		let mut outer_lock = self.inner.locks.lock().unwrap();
+
+		// Allocate the version while holding the lock map mutex so that clean_locks cannot remove the entry after a
+		// version has been reserved but before its lock reference is cloned.
 		let version = self.next_version.fetch_add(1, Ordering::Relaxed);
 		if version == u64::MAX {
 			panic!("FilesystemStore version counter overflowed");
 		}
+		#[cfg(test)]
+		maybe_pause_after_version_allocation(&self.inner, &dest_file_path);
 
 		// Get a reference to the inner lock. We do this early so that the arc can double as an in-flight counter for
 		// cleaning up unused locks.
-		let inner_lock_ref = self.inner.get_inner_lock_ref(dest_file_path);
+		let inner_lock_ref = Arc::clone(&outer_lock.entry(dest_file_path).or_default());
 
 		(inner_lock_ref, version)
 	}
@@ -851,3 +861,79 @@ pub(crate) fn get_key_from_dir_entry_path(
 		},
 	}
 }
+
+#[cfg(test)]
+struct VersionAllocatedHook {
+	dest_file_path: PathBuf,
+	version_allocated: mpsc::Sender<()>,
+	continue_write: Mutex<mpsc::Receiver<()>>,
+	fired: AtomicBool,
+}
+
+#[cfg(test)]
+static VERSION_ALLOCATED_HOOK: Mutex<Option<Arc<VersionAllocatedHook>>> = Mutex::new(None);
+
+#[cfg(test)]
+fn maybe_pause_after_version_allocation(inner: &FilesystemStoreInner, dest_file_path: &Path) {
+	let hook = VERSION_ALLOCATED_HOOK.lock().unwrap().clone();
+	if let Some(hook) = hook {
+		if hook.dest_file_path.as_path() != dest_file_path
+			|| hook.fired.swap(true, Ordering::AcqRel)
+		{
+			return;
+		}
+
+		let version_allocation_holds_lock = inner.locks.try_lock().is_err();
+		hook.version_allocated.send(()).unwrap();
+		if !version_allocation_holds_lock {
+			hook.continue_write.lock().unwrap().recv().unwrap();
+		}
+	}
+}
+
+#[cfg(test)]
+mod tests {
+	use super::*;
+
+	use std::sync::Arc;
+	use std::thread;
+
+	#[test]
+	fn stale_write_after_lock_cleanup_does_not_overwrite_newer_write() {
+		let mut temp_path = std::env::temp_dir();
+		temp_path.push("test_stale_write_after_lock_cleanup");
+		let _ = std::fs::remove_dir_all(&temp_path);
+
+		let state = Arc::new(FilesystemStoreState::new(temp_path.clone()));
+		let path =
+			state.get_checked_dest_file_path("ns", "sub", Some("key"), "write", false).unwrap();
+		let (version_allocated, wait_for_version) = mpsc::channel();
+		let (continue_write, wait_to_continue) = mpsc::channel();
+		*VERSION_ALLOCATED_HOOK.lock().unwrap() = Some(Arc::new(VersionAllocatedHook {
+			dest_file_path: path.clone(),
+			version_allocated,
+			continue_write: Mutex::new(wait_to_continue),
+			fired: AtomicBool::new(false),
+		}));
+
+		let state_for_thread = Arc::clone(&state);
+		let path_for_thread = path.clone();
+		let stale_write = thread::spawn(move || {
+			let (inner_lock_ref, version) =
+				state_for_thread.get_new_version_and_lock_ref(path_for_thread.clone());
+			state_for_thread
+				.inner
+				.write_version(inner_lock_ref, path_for_thread, b"stale".to_vec(), version, false)
+				.unwrap();
+		});
+
+		wait_for_version.recv().unwrap();
+		state.write_impl("ns", "sub", "key", b"newer".to_vec(), false).unwrap();
+		continue_write.send(()).unwrap();
+		stale_write.join().unwrap();
+		*VERSION_ALLOCATED_HOOK.lock().unwrap() = None;
+
+		assert_eq!(state.read_impl("ns", "sub", "key", false).unwrap(), b"newer");
+		let _ = std::fs::remove_dir_all(temp_path);
+	}
+}