diff --git a/packages/metro-bundler/src/lib/GlobalTransformCache.js b/packages/metro-bundler/src/lib/GlobalTransformCache.js
index 79a169ed..31d27cef 100644
--- a/packages/metro-bundler/src/lib/GlobalTransformCache.js
+++ b/packages/metro-bundler/src/lib/GlobalTransformCache.js
@@ -247,14 +247,15 @@ class GlobalTransformCache {
     });
   }
 
+  shouldFetch(props: FetchProps): boolean {
+    return this._profileSet.has(props.transformOptions);
+  }
+
   /**
    * This may return `null` if either the cache doesn't have a value for that
    * key yet, or an error happened, processed separately.
    */
   async fetch(props: FetchProps): Promise<?CachedResult> {
-    if (!this._profileSet.has(props.transformOptions)) {
-      return null;
-    }
     const uri = await this._fetcher.fetch(GlobalTransformCache.keyOf(props));
     if (uri == null) {
       return null;
diff --git a/packages/metro-bundler/src/node-haste/Module.js b/packages/metro-bundler/src/node-haste/Module.js
index 0f1892ca..5b89683e 100644
--- a/packages/metro-bundler/src/node-haste/Module.js
+++ b/packages/metro-bundler/src/node-haste/Module.js
@@ -303,7 +303,7 @@ class Module {
     callback: (error: ?Error, result: ?TransformedCode) => void,
   ) {
     const {_globalCache} = this;
-    if (_globalCache == null) {
+    if (_globalCache == null || !_globalCache.shouldFetch(cacheProps)) {
       this._transformCodeForCallback(cacheProps, callback);
       return;
     }