diff --git a/packages/coding-agent/src/extensibility/plugins/legacy-pi-compat.ts b/packages/coding-agent/src/extensibility/plugins/legacy-pi-compat.ts
index 92dc08e2e..337f845cc 100644
--- a/packages/coding-agent/src/extensibility/plugins/legacy-pi-compat.ts
+++ b/packages/coding-agent/src/extensibility/plugins/legacy-pi-compat.ts
@@ -1005,10 +1005,14 @@ async function collectExtensionModules(entryRealPath: string): Promise<Map<strin
  * so the filter is an exact-path alternation of the graph's realpaths — it
  * never matches the host, other extensions, `node_modules` deps, or unrelated
  * project source.
+ *
+ * Returns the collected path→source map on first install so the caller can
+ * drop entries the initial import never consumed; `undefined` when the hook
+ * was already installed.
  */
-async function ensureExtensionGraphHook(entryRealPath: string): Promise<void> {
+async function ensureExtensionGraphHook(entryRealPath: string): Promise<Map<string, string> | undefined> {
 	if (hookedExtensionEntries.has(entryRealPath)) {
-		return;
+		return undefined;
 	}
 	hookedExtensionEntries.add(entryRealPath);
 
@@ -1032,6 +1036,7 @@ async function ensureExtensionGraphHook(entryRealPath: string): Promise<void> {
 			});
 		},
 	});
+	return modules;
 }
 
 /**
@@ -1050,9 +1055,16 @@ export async function loadLegacyPiModule(resolvedPath: string): Promise<unknown>
 	// `bun link`/pnpm installs) so the rewrite filter matches the path Bun
 	// actually hands the hook.
 	const entryRealPath = await realpathOrSelf(path.resolve(resolvedPath));
-	await ensureExtensionGraphHook(entryRealPath);
-	// `?mtime` busts Bun's module cache so repeat loads pick up edited source.
-	return import(`${toImportSpecifier(entryRealPath)}?mtime=${Date.now()}`);
+	const pendingSources = await ensureExtensionGraphHook(entryRealPath);
+	try {
+		// `?mtime` busts Bun's module cache so repeat loads pick up edited source.
+		return await import(`${toImportSpecifier(entryRealPath)}?mtime=${Date.now()}`);
+	} finally {
+		// Drop whatever the initial import didn't consume: graph modules only
+		// reached by lazy dynamic imports must be read from disk at their actual
+		// import time, not served from this load-time snapshot.
+		pendingSources?.clear();
+	}
 }
 
 function getLoader(path: string): "js" | "jsx" | "ts" | "tsx" {
diff --git a/packages/coding-agent/test/extension-loader-graph-read-dedup.test.ts b/packages/coding-agent/test/extension-loader-graph-read-dedup.test.ts
index 794a4ad14..6383ce7b4 100644
--- a/packages/coding-agent/test/extension-loader-graph-read-dedup.test.ts
+++ b/packages/coding-agent/test/extension-loader-graph-read-dedup.test.ts
@@ -2,6 +2,7 @@ import { afterEach, beforeEach, describe, expect, it, type Mock, spyOn } from "b
 import * as fs from "node:fs";
 import * as path from "node:path";
 import { loadExtensions } from "@oh-my-pi/pi-coding-agent/extensibility/extensions/loader";
+import { loadLegacyPiModule } from "@oh-my-pi/pi-coding-agent/extensibility/plugins/legacy-pi-compat";
 import { TempDir } from "@oh-my-pi/pi-utils";
 import type { BunFile } from "bun";
 
@@ -98,4 +99,32 @@ export default function(pi) {
 			checkReadCount(path.join(extDir, `mod-${i}.ts`));
 		}
 	});
+
+	it("should read graph modules skipped by the initial import from disk at import time", async () => {
+		const cwd = tempDir.absolute();
+		const extDir = path.join(cwd, "ext");
+		fs.mkdirSync(extDir, { recursive: true });
+
+		const lazyPath = path.join(extDir, "lazy.ts");
+		fs.writeFileSync(lazyPath, `export const value = "before";\n`, "utf-8");
+
+		// The fixture's dynamic import is the loading boundary under test: the
+		// graph scan collects `./lazy.ts` at load time, but nothing imports it
+		// until `readLazy()` runs.
+		const entryPath = path.join(extDir, "index.ts");
+		const entryContent = `export async function readLazy(): Promise<string> {
+	const mod = await import("./lazy.ts");
+	return mod.value;
+}
+`;
+		fs.writeFileSync(entryPath, entryContent, "utf-8");
+
+		const ns = (await loadLegacyPiModule(entryPath)) as { readLazy(): Promise<string> };
+
+		// Edit the module after load but before its first import: the loader
+		// must serve the on-disk content, not a stale load-time snapshot.
+		fs.writeFileSync(lazyPath, `export const value = "after";\n`, "utf-8");
+
+		expect(await ns.readLazy()).toBe("after");
+	});
 });