diff --git a/packages/react-native/Libraries/Core/Devtools/__tests__/loadBundleFromServer-test.js b/packages/react-native/Libraries/Core/Devtools/__tests__/loadBundleFromServer-test.js
index 42f986e1807..3f755fbf5e8 100644
--- a/packages/react-native/Libraries/Core/Devtools/__tests__/loadBundleFromServer-test.js
+++ b/packages/react-native/Libraries/Core/Devtools/__tests__/loadBundleFromServer-test.js
@@ -170,3 +170,46 @@ test('shows and hides the loading view around concurrent requests', async () =>
   await promise2;
   expect(loadingViewMock.hide).toHaveBeenCalledTimes(1);
 });
+
+test('loadBundleFromServer does not cache errors', async () => {
+  mockHeaders = {'Content-Type': 'application/json'};
+  mockDataResponse = JSON.stringify({message: 'Error thrown from Metro'});
+
+  await expect(
+    loadBundleFromServer('/Fail.bundle?platform=ios'),
+  ).rejects.toThrow();
+
+  mockDataResponse = '"code";';
+  mockHeaders = {'Content-Type': 'application/javascript'};
+
+  await expect(
+    loadBundleFromServer('/Fail.bundle?platform=ios'),
+  ).resolves.not.toThrow();
+});
+
+test('loadBundleFromServer caches successful fetches', async () => {
+  mockDataResponse = '"code";';
+  mockHeaders = {'Content-Type': 'application/javascript'};
+
+  const promise1 = loadBundleFromServer(
+    '/Banana.bundle?platform=ios&dev=true&minify=false&unusedExtraParam=42&modulesOnly=true&runModule=false',
+  );
+
+  // Request again in the same tick = same promise
+  const promise2 = loadBundleFromServer(
+    '/Banana.bundle?platform=ios&dev=true&minify=false&unusedExtraParam=42&modulesOnly=true&runModule=false',
+  );
+  expect(promise2).toBe(promise1);
+
+  await promise1;
+
+  // Request again once resolved = still the same promise
+  const promise3 = loadBundleFromServer(
+    '/Banana.bundle?platform=ios&dev=true&minify=false&unusedExtraParam=42&modulesOnly=true&runModule=false',
+  );
+  expect(promise3).toBe(promise1);
+
+  await promise2;
+
+  expect(sendRequest).toBeCalledTimes(1);
+});
diff --git a/packages/react-native/Libraries/Core/Devtools/loadBundleFromServer.js b/packages/react-native/Libraries/Core/Devtools/loadBundleFromServer.js
index 443b316fd33..222320b22bd 100644
--- a/packages/react-native/Libraries/Core/Devtools/loadBundleFromServer.js
+++ b/packages/react-native/Libraries/Core/Devtools/loadBundleFromServer.js
@@ -18,6 +18,8 @@ declare var global: {globalEvalWithSourceUrl?: (string, string) => mixed, ...};
 
 let pendingRequests = 0;
 
+const cachedPromisesByUrl = new Map<string, Promise<void>>();
+
 function asyncRequest(
   url: string,
 ): Promise<{body: string, headers: {[string]: string}}> {
@@ -90,9 +92,15 @@ function buildUrlForBundle(bundlePathAndQuery: string) {
 module.exports = function (bundlePathAndQuery: string): Promise<void> {
   const requestUrl = buildUrlForBundle(bundlePathAndQuery);
 
+  let loadPromise = cachedPromisesByUrl.get(requestUrl);
+
+  if (loadPromise) {
+    return loadPromise;
+  }
   LoadingView.showMessage('Downloading...', 'load');
   ++pendingRequests;
-  return asyncRequest(requestUrl)
+
+  loadPromise = asyncRequest(requestUrl)
     .then<void>(({body, headers}) => {
       if (
         headers['Content-Type'] != null &&
@@ -116,9 +124,16 @@ module.exports = function (bundlePathAndQuery: string): Promise<void> {
         eval(body);
       }
     })
+    .catch<void>(e => {
+      cachedPromisesByUrl.delete(requestUrl);
+      throw e;
+    })
     .finally(() => {
       if (!--pendingRequests) {
         LoadingView.hide();
       }
     });
+
+  cachedPromisesByUrl.set(requestUrl, loadPromise);
+  return loadPromise;
 };