diff --git a/CHANGELOG.md b/CHANGELOG.md
index ed35b29ad..a0a7223ad 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -9,6 +9,7 @@ This change log adheres to standards from [Keep a CHANGELOG](https://keepachange
 ### Fixed
 - [`extensions`]: ignore unresolveable type-only imports ([#2270], [#2271], [@jablko])
 - `importType`: fix `isExternalModule` calculation ([#2282], [@mx-bernhard])
+- [`no-import-module-exports`]: avoid false positives with a shadowed `module` or `exports` ([#2297], [@ljharb])
 
 ### Changed
 - [Docs] [`order`]: add type to the default groups ([#2272], [@charpeni])
@@ -939,6 +940,7 @@ for info on changes for earlier releases.
 
 [`memo-parser`]: ./memo-parser/README.md
 
+[#2297]: https://github.com/import-js/eslint-plugin-import/pull/2297
 [#2287]: https://github.com/import-js/eslint-plugin-import/pull/2287
 [#2282]: https://github.com/import-js/eslint-plugin-import/pull/2282
 [#2279]: https://github.com/import-js/eslint-plugin-import/pull/2279
diff --git a/src/rules/no-import-module-exports.js b/src/rules/no-import-module-exports.js
index 45710929c..60140752c 100644
--- a/src/rules/no-import-module-exports.js
+++ b/src/rules/no-import-module-exports.js
@@ -13,6 +13,12 @@ function getEntryPoint(context) {
   }
 }
 
+function findScope(context, identifier) {
+  const scopeManager = context.getSourceCode().scopeManager;
+
+  return scopeManager.scopes.slice().reverse().find((scope) => scope.variables.some(variable => variable.identifiers.some((node) => node.name === identifier)));
+}
+
 module.exports = {
   meta: {
     type: 'problem',
@@ -43,10 +49,11 @@ module.exports = {
       const isEntryPoint = entryPoint === fileName;
       const isIdentifier = node.object.type === 'Identifier';
       const hasKeywords = (/^(module|exports)$/).test(node.object.name);
-      const isException = options.exceptions &&
-        options.exceptions.some(glob => minimatch(fileName, glob));
+      const objectScope = hasKeywords && findScope(context, node.object.name);
+      const hasCJSExportReference = hasKeywords && (!objectScope || objectScope.type === 'module');
+      const isException = !!options.exceptions && options.exceptions.some(glob => minimatch(fileName, glob));
 
-      if (isIdentifier && hasKeywords && !isEntryPoint && !isException) {
+      if (isIdentifier && hasCJSExportReference && !isEntryPoint && !isException) {
         importDeclarations.forEach(importDeclaration => {
           context.report({
             node: importDeclaration,
diff --git a/tests/src/rules/no-import-module-exports.js b/tests/src/rules/no-import-module-exports.js
index 9ffbe6b56..0c3718cef 100644
--- a/tests/src/rules/no-import-module-exports.js
+++ b/tests/src/rules/no-import-module-exports.js
@@ -64,6 +64,56 @@ ruleTester.run('no-import-module-exports', rule, {
       `,
       filename: path.join(process.cwd(), 'tests/files/missing-entrypoint/cli.js'),
     }),
+    test({
+      code: `
+        import fs from 'fs/promises';
+
+        const subscriptions = new Map();
+        
+        export default async (client) => {
+            /**
+             * loads all modules and their subscriptions
+             */
+            const modules = await fs.readdir('./src/modules');
+        
+            await Promise.all(
+                modules.map(async (moduleName) => {
+                    // Loads the module
+                    const module = await import(\`./modules/\${moduleName}/module.js\`);
+                    // skips the module, in case it is disabled.
+                    if (module.enabled) {
+                        // Loads each of it's subscriptions into their according list.
+                        module.subscriptions.forEach((fun, event) => {
+                            if (!subscriptions.has(event)) {
+                                subscriptions.set(event, []);
+                            }
+                            subscriptions.get(event).push(fun);
+                        });
+                    }
+                })
+            );
+        
+            /**
+             * Setting up all events.
+             * binds all events inside the subscriptions map to call all functions provided
+             */
+            subscriptions.forEach((funs, event) => {
+                client.on(event, (...args) => {
+                    funs.forEach(async (fun) => {
+                        try {
+                            await fun(client, ...args);
+                        } catch (e) {
+                            client.emit('error', e);
+                        }
+                    });
+                });
+            });
+        };
+      `,
+      parserOptions: {
+        ecmaVersion: 2020,
+      },
+    }),
   ],
   invalid: [
     test({