@@ -15,15 +15,17 @@ import { BareModuleMocker, normalizeModuleId } from './bareModuleMocker'
 
 export class NativeModuleMocker extends BareModuleMocker {
   public wrapDynamicImport<T>(moduleFactory: () => Promise<T>): Promise<T> {
-    if (typeof moduleFactory === 'function') {
-      const promise = new Promise<T>((resolve, reject) => {
-        this.resolveMocks().finally(() => {
-          moduleFactory().then(resolve, reject)
-        })
-      })
-      return promise
+    if (typeof moduleFactory !== 'function') {
+      return moduleFactory
     }
-    return moduleFactory
+    // Node.js can evaluate the module outside of the importer's async chain,
+    // so the stack of an import error would not point at the import
+    const importer = new Error('import location')
+    return new Promise<T>((resolve, reject) => {
+      this.resolveMocks().finally(() => {
+        moduleFactory().then(resolve, (error) => reject(addImporterFrame(error, importer)))
+      })
+    })
   }
 
   public resolveMockedModule(url: string, parentURL: string): module.ResolveFnOutput | undefined {
@@ -288,3 +290,29 @@ function transformCode(code: string, format: string, filename: string) {
   }
   return code
 }
+
+function addImporterFrame(error: unknown, importer: Error): unknown {
+  const lines = importer.stack?.split('\n') || []
+  const index = lines.findIndex((line) => line.includes('wrapDynamicImport'))
+  const frame = index === -1 ? undefined : lines[index + 1]
+  const file = frame?.match(/\(?([^()\s]+):\d+:\d+\)?$/)?.[1]
+  if (!frame || !file || frame.includes('node:')) {
+    return error
+  }
+  const asyncFrame = frame.replace(/^(\s*)at /, '$1at async ')
+  const seen = new Set<Error>()
+  let current: unknown = error
+  while (current instanceof Error && !seen.has(current)) {
+    seen.add(current)
+    const stack = current.stack
+    // older Node.js versions keep the async frame of the import themselves
+    if (
+      typeof stack === 'string' &&
+      !stack.split('\n').some((line) => line.includes('at async ') && line.includes(file))
+    ) {
+      current.stack = `${stack}\n${asyncFrame}`
+    }
+    current = current.cause
+  }
+  return error
+}
@@ -766,14 +766,22 @@ test('not reported')
     })
 
     // "slice" removes the stack from unhandled error because it references built artifacts
-    expect(stderr.split('\n').slice(0, 17).join('\n')).toMatchInlineSnapshot(`
+    expect(stderr.split('\n').slice(0, 25).join('\n')).toMatchInlineSnapshot(`
       "
       ⎯⎯⎯⎯⎯⎯ Failed Suites 1 ⎯⎯⎯⎯⎯⎯⎯
 
        FAIL  add.test.js [ add.test.js ]
       Error: [vitest] There was an error when mocking a module. If you are using "vi.mock" factory, make sure there are no top level variables inside, since this call is hoisted to top of the file. Read more: https://vitest.dev/api/vi.html#vi-mock
+       ❯ <anonymous> add.test.js:2:1
+            1|
+            2| import { add } from './add.js'
+             | ^
+            3| vi.mock('./add.js', async () => {
+            4|   await Promise.resolve()
+
       Caused by: Error: error from factory
        ❯ <anonymous> add.test.js:5:9
+       ❯ <anonymous> add.test.js:2:1
 
       ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯[1/1]⎯