diff --git a/packages/metro-bundler/src/Config.js b/packages/metro-bundler/src/Config.js
index 34a2b431..ca98aeaa 100644
--- a/packages/metro-bundler/src/Config.js
+++ b/packages/metro-bundler/src/Config.js
@@ -34,7 +34,8 @@ export type ConfigT = {
    * from here and use `require('./fonts/example.ttf')` inside your app.
    */
   getAssetExts: () => Array<string>,
-
+  // TODO: Remove this option below (T23793920)
+  assetTransforms?: boolean,
   /**
    * Returns a regular expression for modules that should be ignored by the
    * packager on a given platform.
@@ -140,6 +141,7 @@ export type ConfigT = {
 
 const DEFAULT = ({
   extraNodeModules: {},
+  assetTransforms: false,
   getAssetExts: () => [],
   getBlacklistRE: () => blacklist(),
   getEnableBabelRCLookup: () => false,
diff --git a/packages/metro-bundler/src/Server/index.js b/packages/metro-bundler/src/Server/index.js
index c7d886b5..76b2796d 100644
--- a/packages/metro-bundler/src/Server/index.js
+++ b/packages/metro-bundler/src/Server/index.js
@@ -113,8 +113,11 @@ class Server {
     const reporter =
       options.reporter || require('../lib/reporting').nullReporter;
     const maxWorkers = getMaxWorkers(options.maxWorkers);
+    const assetExts = options.assetExts || defaults.assetExts;
+    const sourceExts = options.sourceExts || defaults.sourceExts;
+
     this._opts = {
-      assetExts: options.assetExts || defaults.assetExts,
+      assetExts: options.assetTransforms ? [] : assetExts,
       assetRegistryPath: options.assetRegistryPath,
       blacklistRE: options.blacklistRE,
       cacheVersion: options.cacheVersion || '1.0',
@@ -141,7 +144,9 @@ class Server {
       reporter,
       resetCache: options.resetCache || false,
       silent: options.silent || false,
-      sourceExts: options.sourceExts || defaults.sourceExts,
+      sourceExts: options.assetTransforms
+        ? sourceExts.concat(assetExts)
+        : sourceExts,
       transformCache: options.transformCache,
       transformModulePath:
         options.transformModulePath || defaults.transformModulePath,
diff --git a/packages/metro-bundler/src/legacy.js b/packages/metro-bundler/src/legacy.js
index 7d8b6df3..0d88234c 100644
--- a/packages/metro-bundler/src/legacy.js
+++ b/packages/metro-bundler/src/legacy.js
@@ -174,6 +174,7 @@ function createNonPersistentServer(options: Options): Server {
 
 function toServerOptions(options: Options): ServerOptions {
   return {
+    assetTransforms: options.assetTransforms,
     assetExts: options.assetExts,
     assetRegistryPath: options.assetRegistryPath,
     blacklistRE: options.blacklistRE,
diff --git a/packages/metro-bundler/src/node-haste/DependencyGraph/DependencyGraphHelpers.js b/packages/metro-bundler/src/node-haste/DependencyGraph/DependencyGraphHelpers.js
index 6f399af3..51c15cd1 100644
--- a/packages/metro-bundler/src/node-haste/DependencyGraph/DependencyGraphHelpers.js
+++ b/packages/metro-bundler/src/node-haste/DependencyGraph/DependencyGraphHelpers.js
@@ -18,7 +18,7 @@ const NODE_MODULES = path.sep + 'node_modules' + path.sep;
 
 class DependencyGraphHelpers {
   _providesModuleNodeModules: Array<string>;
-  _assetExts: Array<string>;
+  _assetExts: Set<string>;
 
   constructor({
     providesModuleNodeModules,
@@ -28,7 +28,7 @@ class DependencyGraphHelpers {
     +assetExts: Array<string>,
   }) {
     this._providesModuleNodeModules = providesModuleNodeModules;
-    this._assetExts = assetExts;
+    this._assetExts = new Set(assetExts);
   }
 
   isNodeModulesDir(file: string) {
@@ -49,7 +49,7 @@ class DependencyGraphHelpers {
   }
 
   isAssetFile(file: string) {
-    return this._assetExts.indexOf(this.extname(file)) !== -1;
+    return this._assetExts.has(this.extname(file));
   }
 
   extname(name: string) {
diff --git a/packages/metro-bundler/src/shared/types.flow.js b/packages/metro-bundler/src/shared/types.flow.js
index 9719c76a..dab4e529 100644
--- a/packages/metro-bundler/src/shared/types.flow.js
+++ b/packages/metro-bundler/src/shared/types.flow.js
@@ -61,6 +61,8 @@ export type ModuleTransportLike = {
 };
 
 export type Options = {|
+  // TODO: Remove this option below (T23793920)
+  assetTransforms?: boolean,
   assetExts?: Array<string>,
   +assetRegistryPath: string,
   blacklistRE?: RegExp,