diff --git a/AUTHORS b/AUTHORS
index bd1e27cb37d..794065d1603 100644
--- a/AUTHORS
+++ b/AUTHORS
@@ -430,6 +430,7 @@ Roberto Polli
 Roland Puntaier
 Romain Dorgueil
 Roman Bolshakov
+Rongali Chaitanya
 Ronny Pfannschmidt
 Roqia Salah
 Ross Lawley
diff --git a/changelog/2844.bugfix.rst b/changelog/2844.bugfix.rst
new file mode 100644
index 00000000000..5bb406e2bbd
--- /dev/null
+++ b/changelog/2844.bugfix.rst
@@ -0,0 +1,2 @@
+Invalidate a cached fixture when an overridden dependency selects a different fixture definition.
+Keep finalizers from previous dependency definitions from tearing down the replacement fixture.
diff --git a/src/_pytest/fixtures.py b/src/_pytest/fixtures.py
index 20e43f89132..1965dd9868c 100644
--- a/src/_pytest/fixtures.py
+++ b/src/_pytest/fixtures.py
@@ -1186,6 +1186,7 @@ def __init__(
         # Can change if the fixture is executed with different parameters.
         self.cached_result: _FixtureCachedResult[FixtureValue] | None = None
         self._finalizers: Final[list[Callable[[], object]]] = []
+        self._cached_dependencies: list[FixtureDef[object]] = []
 
         # only used to emit a deprecationwarning, can be removed in pytest9
         self._autouse = _autouse
@@ -1222,6 +1223,7 @@ def finish(self, request: SubRequest) -> None:
         # which will keep instances alive.
         self.cached_result = None
         self._finalizers.clear()
+        self._cached_dependencies.clear()
         if len(exceptions) == 1:
             raise exceptions[0]
         elif len(exceptions) > 1:
@@ -1244,7 +1246,10 @@ def execute(self, request: SubRequest) -> FixtureValue:
             # down first. This is generally handled by SetupState, but still currently
             # needed when this fixture is not parametrized but depends on a parametrized
             # fixture.
-            requested_fixtures_that_should_finalize_us.append(fixturedef)
+            # The synthetic request fixture is new for every request and has no
+            # teardown or value shared between fixture executions.
+            if not isinstance(fixturedef, RequestFixtureDef):
+                requested_fixtures_that_should_finalize_us.append(fixturedef)
 
         # Check for (and return) cached value/exception.
         if self.cached_result is not None:
@@ -1258,13 +1263,18 @@ def execute(self, request: SubRequest) -> FixtureValue:
                 # If the comparison raises, use 'is' as fallback.
                 cache_hit = request_cache_key is cache_key
 
+            # An override may select a different dependency definition without
+            # changing this fixture's own parameter (#2844).
+            cache_hit = cache_hit and (
+                self._cached_dependencies == requested_fixtures_that_should_finalize_us
+            )
             if cache_hit:
                 if self.cached_result[2] is not None:
                     exc, exc_tb = self.cached_result[2]
                     raise exc.with_traceback(exc_tb)
                 else:
                     return self.cached_result[0]
-            # We have a previous but differently parametrized fixture instance
+            # We have a differently parametrized fixture or different dependencies
             # so we need to tear it down before creating a new one.
             self.finish(request)
             assert self.cached_result is None
@@ -1272,7 +1282,14 @@ def execute(self, request: SubRequest) -> FixtureValue:
         # Add finalizer to requested fixtures we saved previously.
         # We make sure to do this after checking for cached value to avoid
         # adding our finalizer multiple times. (#12135)
-        finalizer = functools.partial(self.finish, request=request)
+        self._cached_dependencies = requested_fixtures_that_should_finalize_us
+
+        def finalizer() -> None:
+            # An old dependency may finish after an override has replaced our
+            # cached value. Its finalizer belongs only to the earlier execution.
+            if self._cached_dependencies is requested_fixtures_that_should_finalize_us:
+                self.finish(request)
+
         for parent_fixture in requested_fixtures_that_should_finalize_us:
             parent_fixture.addfinalizer(finalizer)
 
diff --git a/testing/python/fixtures.py b/testing/python/fixtures.py
index cb2f1daab63..fe29421ea1e 100644
--- a/testing/python/fixtures.py
+++ b/testing/python/fixtures.py
@@ -19,6 +19,189 @@
 import pytest
 
 
+@pytest.mark.parametrize("scope", ["session", "module"])
+@pytest.mark.parametrize("parametrized", [False, True])
+@pytest.mark.parametrize("reverse", [False, True])
+def test_fixture_cache_with_overridden_dependency(
+    pytester: Pytester, scope: str, parametrized: bool, reverse: bool
+) -> None:
+    """An overridden dependency must invalidate the wrapper cache (#2844)."""
+    pytester.makepyfile(state="events = []\nactive = set()")
+    pytester.makeconftest(
+        f"""
+        import pytest
+        from state import active, events
+
+        @pytest.fixture(scope={scope!r})
+        def wrapper(request, dependency):
+            assert not active
+            active.add(dependency)
+            events.append(("wrapper setup", dependency))
+            yield dependency
+            active.remove(dependency)
+            events.append(("wrapper teardown", dependency))
+        """
+    )
+    for name in ("first", "second"):
+        params = f", params=[{name + ' A'!r}, {name + ' B'!r}]" if parametrized else ""
+        value = "request.param" if parametrized else repr(name)
+        pytester.makepyfile(
+            **{
+                f"test_{name}": f"""
+                import pytest
+                import state
+
+                @pytest.fixture(scope={scope!r}{params})
+                def dependency(request):
+                    value = {value}
+                    state.events.append(("dependency setup", value))
+                    yield value
+                    assert value not in state.active
+                    state.events.append(("dependency teardown", value))
+
+                def test_one(wrapper, dependency):
+                    assert wrapper == dependency
+
+                def test_two(wrapper, dependency):
+                    assert wrapper == dependency
+                """
+            }
+        )
+    paths = ["test_first.py", "test_second.py"]
+    if reverse:
+        paths.reverse()
+    result = pytester.inline_run(*paths)
+    result.assertoutcome(passed=8 if parametrized else 4)
+    state = result.getcalls("pytest_runtest_call")[0].item.module.state
+    assert not state.active
+    values = (
+        ["first A", "first B", "second A", "second B"]
+        if parametrized
+        else ["first", "second"]
+    )
+    for value in values:
+        lifecycle = [
+            ("dependency setup", value),
+            ("wrapper setup", value),
+            ("wrapper teardown", value),
+            ("dependency teardown", value),
+        ]
+        assert [event for event in state.events if event[1] == value] == lifecycle
+
+
+def test_overridden_dependency_old_finalizer_preserves_new_cache(
+    pytester: Pytester,
+) -> None:
+    """A previous dependency must not tear down the replacement wrapper."""
+    pytester.makepyfile(state="setups = []")
+    order = [
+        "test_first.py::test_initial[1]",
+        "test_second.py::test_override",
+        "test_first.py::test_dependency_only[2]",
+        "test_second.py::test_still_cached",
+    ]
+    pytester.makeconftest(
+        f"""
+        import pytest
+        import state
+
+        @pytest.hookimpl(wrapper=True)
+        def pytest_collection_modifyitems(items):
+            yield
+            items.sort(key=lambda item: {order!r}.index(item.nodeid))
+
+        @pytest.fixture(scope="session")
+        def wrapper(dependency):
+            state.setups.append(dependency)
+            yield dependency
+        """
+    )
+    pytester.makepyfile(
+        test_first="""
+        import pytest
+
+        @pytest.fixture(scope="session", params=[1, 2])
+        def dependency(request):
+            return request.param
+
+        def test_initial(wrapper):
+            assert wrapper == 1
+
+        def test_dependency_only(dependency):
+            assert dependency == 2
+        """,
+        test_second="""
+        import pytest
+        import state
+
+        @pytest.fixture(scope="session")
+        def dependency():
+            return "override"
+
+        def test_override(wrapper):
+            assert wrapper == "override"
+
+        def test_still_cached(wrapper):
+            assert wrapper == "override"
+            assert state.setups == [1, "override"]
+        """,
+    )
+    result = pytester.inline_run(*order)
+    result.assertoutcome(passed=4)
+
+
+def test_fixture_cached_error_with_overridden_dependency(pytester: Pytester) -> None:
+    """Overrides must also invalidate cached setup errors, without losing reuse."""
+    pytester.makepyfile(state="setups = []")
+    pytester.makeconftest(
+        """
+        import pytest
+        import state
+
+        @pytest.fixture(scope="session")
+        def wrapper(dependency):
+            state.setups.append(dependency)
+            if dependency == "bad":
+                raise ValueError("bad dependency")
+            return dependency
+        """
+    )
+    pytester.makepyfile(
+        test_first="""
+        import pytest
+
+        @pytest.fixture(scope="session")
+        def dependency():
+            return "bad"
+
+        @pytest.mark.xfail(raises=ValueError, strict=True)
+        def test_one(wrapper):
+            pass
+
+        @pytest.mark.xfail(raises=ValueError, strict=True)
+        def test_two(wrapper):
+            pass
+        """,
+        test_second="""
+        import pytest
+        import state
+
+        @pytest.fixture(scope="session")
+        def dependency():
+            return "good"
+
+        def test_one(wrapper):
+            assert wrapper == "good"
+
+        def test_two(wrapper):
+            assert wrapper == "good"
+            assert state.setups == ["bad", "good"]
+        """,
+    )
+    result = pytester.inline_run("test_first.py", "test_second.py")
+    result.assertoutcome(passed=2, skipped=2)
+
+
 def test_getfuncargnames_functions():
     """Test getfuncargnames for normal functions"""