diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/fbt/repro-fbt-param-nested-fbt-jsx.expect.md b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/fbt/repro-fbt-param-nested-fbt-jsx.expect.md
new file mode 100644
index 0000000000..10a2a9ae13
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/fbt/repro-fbt-param-nested-fbt-jsx.expect.md
@@ -0,0 +1,128 @@
+
+## Input
+
+```javascript
+import fbt from 'fbt';
+import {Stringify, identity} from 'shared-runtime';
+
+/**
+ * MemoizeFbtAndMacroOperands needs to account for nested fbt calls.
+ * Expected fixture `fbt-param-call-arguments` to succeed but it failed with error:
+ *   /fbt-param-call-arguments.ts: Line 19 Column 11: fbt: unsupported babel node: Identifier
+ *   ---
+ *   t3
+ *   ---
+ */
+function Component({firstname, lastname}) {
+  'use memo';
+  return (
+    <div>
+      {fbt(
+        [
+          'Name: ',
+          fbt.param('firstname', <Stringify key={0} name={firstname} />),
+          ', ',
+          fbt.param(
+            'lastname',
+            identity(
+              fbt(
+                '(inner)' +
+                  fbt.param('lastname', <Stringify key={1} name={lastname} />),
+                'Inner fbt value'
+              )
+            )
+          ),
+        ],
+        'Name'
+      )}
+    </div>
+  );
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{firstname: 'first', lastname: 'last'}],
+  sequentialRenders: [{firstname: 'first', lastname: 'last'}],
+};
+
+```
+
+## Code
+
+```javascript
+import { c as _c } from "react/compiler-runtime";
+import fbt from "fbt";
+import { Stringify, identity } from "shared-runtime";
+
+/**
+ * MemoizeFbtAndMacroOperands needs to account for nested fbt calls.
+ * Expected fixture `fbt-param-call-arguments` to succeed but it failed with error:
+ *   /fbt-param-call-arguments.ts: Line 19 Column 11: fbt: unsupported babel node: Identifier
+ *   ---
+ *   t3
+ *   ---
+ */
+function Component(t0) {
+  "use memo";
+  const $ = _c(9);
+  const { firstname, lastname } = t0;
+  let t1;
+  if ($[0] !== firstname || $[1] !== lastname) {
+    let t2;
+    if ($[3] !== firstname) {
+      t2 = <Stringify key={0} name={firstname} />;
+      $[3] = firstname;
+      $[4] = t2;
+    } else {
+      t2 = $[4];
+    }
+    let t3;
+    if ($[5] !== lastname) {
+      t3 = <Stringify key={1} name={lastname} />;
+      $[5] = lastname;
+      $[6] = t3;
+    } else {
+      t3 = $[6];
+    }
+    t1 = fbt._(
+      "Name: {firstname}, {lastname}",
+      [
+        fbt._param("firstname", t2),
+        fbt._param(
+          "lastname",
+          identity(
+            fbt._("(inner){lastname}", [fbt._param("lastname", t3)], {
+              hk: "1Kdxyo",
+            }),
+          ),
+        ),
+      ],
+      { hk: "3AiIf8" },
+    );
+    $[0] = firstname;
+    $[1] = lastname;
+    $[2] = t1;
+  } else {
+    t1 = $[2];
+  }
+  let t2;
+  if ($[7] !== t1) {
+    t2 = <div>{t1}</div>;
+    $[7] = t1;
+    $[8] = t2;
+  } else {
+    t2 = $[8];
+  }
+  return t2;
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{ firstname: "first", lastname: "last" }],
+  sequentialRenders: [{ firstname: "first", lastname: "last" }],
+};
+
+```
+      
+### Eval output
+(kind: ok) <div>Name: <div>{"name":"first"}</div>, (inner)<div>{"name":"last"}</div></div>
\ No newline at end of file
diff --git a/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/fbt/repro-fbt-param-nested-fbt-jsx.js b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/fbt/repro-fbt-param-nested-fbt-jsx.js
new file mode 100644
index 0000000000..07efb4e03a
--- /dev/null
+++ b/compiler/packages/babel-plugin-react-compiler/src/__tests__/fixtures/compiler/fbt/repro-fbt-param-nested-fbt-jsx.js
@@ -0,0 +1,42 @@
+import fbt from 'fbt';
+import {Stringify, identity} from 'shared-runtime';
+
+/**
+ * MemoizeFbtAndMacroOperands needs to account for nested fbt calls.
+ * Expected fixture `fbt-param-call-arguments` to succeed but it failed with error:
+ *   /fbt-param-call-arguments.ts: Line 19 Column 11: fbt: unsupported babel node: Identifier
+ *   ---
+ *   t3
+ *   ---
+ */
+function Component({firstname, lastname}) {
+  'use memo';
+  return (
+    <div>
+      {fbt(
+        [
+          'Name: ',
+          fbt.param('firstname', <Stringify key={0} name={firstname} />),
+          ', ',
+          fbt.param(
+            'lastname',
+            identity(
+              fbt(
+                '(inner)' +
+                  fbt.param('lastname', <Stringify key={1} name={lastname} />),
+                'Inner fbt value'
+              )
+            )
+          ),
+        ],
+        'Name'
+      )}
+    </div>
+  );
+}
+
+export const FIXTURE_ENTRYPOINT = {
+  fn: Component,
+  params: [{firstname: 'first', lastname: 'last'}],
+  sequentialRenders: [{firstname: 'first', lastname: 'last'}],
+};