diff --git a/packages/babel-helper-module-transforms/src/index.js b/packages/babel-helper-module-transforms/src/index.js
index 522a1438dc..0f4d160f30 100644
--- a/packages/babel-helper-module-transforms/src/index.js
+++ b/packages/babel-helper-module-transforms/src/index.js
@@ -22,7 +22,7 @@ export { hasExports, isSideEffectImport, isModule };
  */
 export function rewriteModuleStatementsAndPrepareHeader(
   path: NodePath,
-  { exportName, strict, allowTopLevelThis, strictMode, loose, noInterop },
+  { exportName, strict, allowTopLevelThis, strictMode, loose, noInterop, lazy },
 ) {
   assert(isModule(path), "Cannot process module statements in a script");
   path.node.sourceType = "script";
@@ -30,6 +30,7 @@ export function rewriteModuleStatementsAndPrepareHeader(
   const meta = normalizeAndLoadModuleMetadata(path, exportName, {
     noInterop,
     loose,
+    lazy,
   });
 
   if (!allowTopLevelThis) {
@@ -117,6 +118,9 @@ export function buildNamespaceInitStatements(
 ) {
   const statements = [];
 
+  let srcNamespace = t.identifier(sourceMetadata.name);
+  if (sourceMetadata.lazy) srcNamespace = t.callExpression(srcNamespace, []);
+
   for (const localName of sourceMetadata.importsNamespace) {
     if (localName === sourceMetadata.name) continue;
 
@@ -124,7 +128,7 @@ export function buildNamespaceInitStatements(
     statements.push(
       template.statement`var NAME = SOURCE;`({
         NAME: localName,
-        SOURCE: sourceMetadata.name,
+        SOURCE: t.cloneDeep(srcNamespace),
       }),
     );
   }
@@ -134,17 +138,26 @@ export function buildNamespaceInitStatements(
   for (const exportName of sourceMetadata.reexportNamespace) {
     // Assign export to namespace object.
     statements.push(
-      template.statement`EXPORTS.NAME = NAMESPACE;`({
+      (sourceMetadata.lazy
+        ? template.statement`
+            Object.defineProperty(EXPORTS, "NAME", {
+              enumerable: true,
+              get: function() {
+                return NAMESPACE;
+              }
+            });
+          `
+        : template.statement`EXPORTS.NAME = NAMESPACE;`)({
         EXPORTS: metadata.exportName,
         NAME: exportName,
-        NAMESPACE: sourceMetadata.name,
+        NAMESPACE: t.cloneDeep(srcNamespace),
       }),
     );
   }
   if (sourceMetadata.reexportAll) {
     const statement = buildNamespaceReexport(
       metadata,
-      sourceMetadata.name,
+      t.cloneDeep(srcNamespace),
       loose,
     );
     statement.loc = sourceMetadata.reexportAll.loc;
@@ -169,12 +182,16 @@ const getTemplateForReexport = loose => {
 };
 
 const buildReexportsFromMeta = (meta, metadata, loose) => {
+  const namespace = metadata.lazy
+    ? t.callExpression(t.identifier(metadata.name), [])
+    : t.identifier(metadata.name);
+
   const templateForCurrentMode = getTemplateForReexport(loose);
   return Array.from(metadata.reexports, ([exportName, importName]) =>
     templateForCurrentMode({
       EXPORTS: meta.exportName,
       EXPORT_NAME: exportName,
-      NAMESPACE: metadata.name,
+      NAMESPACE: t.cloneDeep(namespace),
       IMPORT_NAME: importName,
     }),
   );
diff --git a/packages/babel-helper-module-transforms/src/normalize-and-load-metadata.js b/packages/babel-helper-module-transforms/src/normalize-and-load-metadata.js
index 2e5f254474..c937ab5e61 100644
--- a/packages/babel-helper-module-transforms/src/normalize-and-load-metadata.js
+++ b/packages/babel-helper-module-transforms/src/normalize-and-load-metadata.js
@@ -86,7 +86,7 @@ export function isSideEffectImport(source: SourceModuleMetadata) {
 export default function normalizeModuleAndLoadMetadata(
   programPath: NodePath,
   exportName?: string,
-  { noInterop = false, loose = false } = {},
+  { noInterop = false, loose = false, lazy = false } = {},
 ): ModuleMetadata {
   if (!exportName) {
     exportName = programPath.scope.generateUidIdentifier("exports").name;
@@ -94,7 +94,7 @@ export default function normalizeModuleAndLoadMetadata(
 
   nameAnonymousExports(programPath);
 
-  const { local, source } = getModuleMetadata(programPath, loose);
+  const { local, source } = getModuleMetadata(programPath, { loose, lazy });
 
   removeModuleDeclarations(programPath);
 
@@ -120,7 +120,10 @@ export default function normalizeModuleAndLoadMetadata(
 /**
  * Get metadata about the imports and exports present in this module.
  */
-function getModuleMetadata(programPath: NodePath, loose: boolean) {
+function getModuleMetadata(
+  programPath: NodePath,
+  { loose, lazy }: { loose: boolean, lazy: boolean },
+) {
   const localData = getLocalExportMetadata(programPath, loose);
 
   const sourceData = new Map();
@@ -146,6 +149,8 @@ function getModuleMetadata(programPath: NodePath, loose: boolean) {
         reexports: new Map(),
         reexportNamespace: new Set(),
         reexportAll: null,
+
+        lazy: false,
       };
       sourceData.set(source, data);
     }
@@ -249,6 +254,25 @@ function getModuleMetadata(programPath: NodePath, loose: boolean) {
     }
   }
 
+  for (const [source, metadata] of sourceData) {
+    if (
+      lazy !== false &&
+      !(isSideEffectImport(metadata) || metadata.reexportAll)
+    ) {
+      if (lazy === true) {
+        // 'true' means that local relative files are eagerly loaded and
+        // dependency modules are loaded lazily.
+        metadata.lazy = !/\./.test(source);
+      } else if (Array.isArray(lazy)) {
+        metadata.lazy = lazy.indexOf(source);
+      } else if (typeof lazy === "function") {
+        metadata.lazy = lazy(source);
+      } else {
+        throw new Error(`.lazy must be a boolean, string array, or function`);
+      }
+    }
+  }
+
   return {
     local: localData,
     source: sourceData,
diff --git a/packages/babel-helper-module-transforms/src/rewrite-live-references.js b/packages/babel-helper-module-transforms/src/rewrite-live-references.js
index a1dc3e6bfc..484633d75a 100644
--- a/packages/babel-helper-module-transforms/src/rewrite-live-references.js
+++ b/packages/babel-helper-module-transforms/src/rewrite-live-references.js
@@ -61,11 +61,17 @@ export default function rewriteLiveReferences(
     imported, // local / import
     exported, // local name => exported name list
     buildImportReference: ([source, importName, localName], identNode) => {
-      if (localName) return identNode;
+      const meta = metadata.source.get(source);
 
-      const name = metadata.source.get(source).name;
+      if (localName) {
+        if (meta.lazy) identNode = t.callExpression(identNode, []);
+        return identNode;
+      }
 
-      return t.memberExpression(t.identifier(name), t.identifier(importName));
+      let namespace = t.identifier(meta.name);
+      if (meta.lazy) namespace = t.callExpression(namespace, []);
+
+      return t.memberExpression(namespace, t.identifier(importName));
     },
   });
 }
diff --git a/packages/babel-plugin-transform-modules-commonjs/README.md b/packages/babel-plugin-transform-modules-commonjs/README.md
index 8de45003ff..397965b7d7 100644
--- a/packages/babel-plugin-transform-modules-commonjs/README.md
+++ b/packages/babel-plugin-transform-modules-commonjs/README.md
@@ -130,3 +130,37 @@ function _interopRequireDefault(obj) {
 In cases where the auto-unwrapping of `default` is not needed, you can set the
 `noInterop` option to `true` to avoid the usage of the `interopRequireDefault`
 helper (shown in inline form above).
+
+### `lazy`
+
+`boolean`, `Array<string>`, or `(string) => boolean`, defaults to `false`
+
+Changes Babel's compiled `import` statements to be lazily evaluated when their
+imported bindings are used for the first time.
+
+This can improve initial load time of your module because evaluating
+dependencies up front is sometimes entirely un-necessary. This is especially
+the case when implementing a library module.
+
+The value of `lazy` has a few possible effects:
+
+* `false` - No lazy initialization of any imported module.
+* `true` - Do not lazy-initialize local `./foo` imports, but lazy-init `foo` dependencies.
+
+  Local paths are much more likely to have circular dependencies, which may break if loaded lazily,
+  so they are not lazy by default, whereas dependencies between independent modules are rarely cyclical.
+
+* `Array<string>` - Lazy-initialize all imports with source matching one of the given strings.
+* `(string) => boolean` - Pass a callback that will be called to decide if a given source string should be lazy-loaded.
+
+The two cases where imports can never be lazy are:
+
+* `import "foo";`
+
+  Side-effect imports are automatically non-lazy since their very existence means
+  that there is no binding to later kick off initialization.
+
+* `export * from "foo"`
+
+  Re-exporting all names requires up-front execution because otherwise there is no
+  way to know what names need to be exported.
diff --git a/packages/babel-plugin-transform-modules-commonjs/src/index.js b/packages/babel-plugin-transform-modules-commonjs/src/index.js
index b6607a8144..30adf43142 100644
--- a/packages/babel-plugin-transform-modules-commonjs/src/index.js
+++ b/packages/babel-plugin-transform-modules-commonjs/src/index.js
@@ -16,9 +16,19 @@ export default function(api, options) {
     strict,
     strictMode,
     noInterop,
+    lazy = false,
     // Defaulting to 'true' for now. May change before 7.x major.
     allowCommonJSExports = true,
   } = options;
+
+  if (
+    typeof lazy !== "boolean" &&
+    typeof lazy !== "function" &&
+    (!Array.isArray(lazy) || !lazy.every(item => typeof item === "string"))
+  ) {
+    throw new Error(`.lazy must be a boolean, array of strings, or a function`);
+  }
+
   const getAssertion = localName => template.expression.ast`
     (function(){
       throw new Error("The CommonJS '" + "${localName}" + "' variable is not available in ES6 modules.");
@@ -122,6 +132,7 @@ export default function(api, options) {
               strictMode,
               allowTopLevelThis,
               noInterop,
+              lazy,
             },
           );
 
@@ -132,14 +143,26 @@ export default function(api, options) {
 
             let header;
             if (isSideEffectImport(metadata)) {
+              if (metadata.lazy) throw new Error("Assertion failure");
+
               header = t.expressionStatement(loadExpr);
             } else {
-              header = t.variableDeclaration("var", [
-                t.variableDeclarator(
-                  t.identifier(metadata.name),
-                  wrapInterop(path, loadExpr, metadata.interop) || loadExpr,
-                ),
-              ]);
+              const init =
+                wrapInterop(path, loadExpr, metadata.interop) || loadExpr;
+
+              if (metadata.lazy) {
+                header = template.ast`
+                  function ${metadata.name}() {
+                    const data = ${init};
+                    ${metadata.name} = function(){ return data; };
+                    return data;
+                  }
+                `;
+              } else {
+                header = template.ast`
+                  var ${metadata.name} = ${init};
+                `;
+              }
             }
             header.loc = metadata.loc;
 
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-default/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-default/actual.js
new file mode 100644
index 0000000000..4ab969f1ae
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-default/actual.js
@@ -0,0 +1,3 @@
+import foo from "foo";
+
+console.log(foo);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-default/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-default/expected.js
new file mode 100644
index 0000000000..3ec822017b
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-default/expected.js
@@ -0,0 +1,13 @@
+"use strict";
+
+function _foo() {
+  const data = babelHelpers.interopRequireDefault(require("foo"));
+
+  _foo = function () {
+    return data;
+  };
+
+  return data;
+}
+
+console.log(_foo().default);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-named/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-named/actual.js
new file mode 100644
index 0000000000..2d7225900f
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-named/actual.js
@@ -0,0 +1,3 @@
+import { foo } from "foo";
+
+console.log(foo);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-named/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-named/expected.js
new file mode 100644
index 0000000000..10761e65a8
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-named/expected.js
@@ -0,0 +1,13 @@
+"use strict";
+
+function _foo() {
+  const data = require("foo");
+
+  _foo = function () {
+    return data;
+  };
+
+  return data;
+}
+
+console.log(_foo().foo);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-namespace/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-namespace/actual.js
new file mode 100644
index 0000000000..20374a9bd7
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-namespace/actual.js
@@ -0,0 +1,3 @@
+import * as foo from "foo";
+
+console.log(foo);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-namespace/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-namespace/expected.js
new file mode 100644
index 0000000000..e720a87205
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/import-namespace/expected.js
@@ -0,0 +1,13 @@
+"use strict";
+
+function foo() {
+  const data = babelHelpers.interopRequireWildcard(require("foo"));
+
+  foo = function () {
+    return data;
+  };
+
+  return data;
+}
+
+console.log(foo());
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/options.json b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/options.json
new file mode 100644
index 0000000000..edcd5f7c4c
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/options.json
@@ -0,0 +1,6 @@
+{
+  "plugins": [
+    "external-helpers",
+    ["transform-modules-commonjs", { "lazy": true }]
+  ]
+}
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-all/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-all/actual.js
new file mode 100644
index 0000000000..9ec8f63ab2
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-all/actual.js
@@ -0,0 +1 @@
+export * from "foo";
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-all/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-all/expected.js
new file mode 100644
index 0000000000..2c7b3bc5c6
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-all/expected.js
@@ -0,0 +1,17 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+
+var _foo = require("foo");
+
+Object.keys(_foo).forEach(function (key) {
+  if (key === "default" || key === "__esModule") return;
+  Object.defineProperty(exports, key, {
+    enumerable: true,
+    get: function () {
+      return _foo[key];
+    }
+  });
+});
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-default/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-default/actual.js
new file mode 100644
index 0000000000..e69b23b83b
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-default/actual.js
@@ -0,0 +1,2 @@
+import foo from "foo";
+export { foo as default };
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-default/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-default/expected.js
new file mode 100644
index 0000000000..d1041b73a5
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-default/expected.js
@@ -0,0 +1,21 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+Object.defineProperty(exports, "default", {
+  enumerable: true,
+  get: function () {
+    return _foo().default;
+  }
+});
+
+function _foo() {
+  const data = babelHelpers.interopRequireDefault(require("foo"));
+
+  _foo = function () {
+    return data;
+  };
+
+  return data;
+}
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-named/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-named/actual.js
new file mode 100644
index 0000000000..f799a47e3b
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-named/actual.js
@@ -0,0 +1,2 @@
+import { named } from "foo";
+export { named };
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-named/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-named/expected.js
new file mode 100644
index 0000000000..bdb45a3d04
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-named/expected.js
@@ -0,0 +1,21 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+Object.defineProperty(exports, "named", {
+  enumerable: true,
+  get: function () {
+    return _foo().named;
+  }
+});
+
+function _foo() {
+  const data = require("foo");
+
+  _foo = function () {
+    return data;
+  };
+
+  return data;
+}
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-namespace/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-namespace/actual.js
new file mode 100644
index 0000000000..c10ecafc51
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-namespace/actual.js
@@ -0,0 +1,2 @@
+import * as namespace from "foo";
+export { namespace };
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-namespace/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-namespace/expected.js
new file mode 100644
index 0000000000..239f67e25a
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/reexport-namespace/expected.js
@@ -0,0 +1,23 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+exports.namespace = void 0;
+
+function namespace() {
+  const data = babelHelpers.interopRequireWildcard(require("foo"));
+
+  namespace = function () {
+    return data;
+  };
+
+  return data;
+}
+
+Object.defineProperty(exports, "namespace", {
+  enumerable: true,
+  get: function () {
+    return namespace();
+  }
+});
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/sideeffect/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/sideeffect/actual.js
new file mode 100644
index 0000000000..c0748305d5
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/sideeffect/actual.js
@@ -0,0 +1 @@
+import "foo";
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/sideeffect/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/sideeffect/expected.js
new file mode 100644
index 0000000000..dd9a2dce26
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-dep/sideeffect/expected.js
@@ -0,0 +1,3 @@
+"use strict";
+
+require("foo");
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-default/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-default/actual.js
new file mode 100644
index 0000000000..4ff175b498
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-default/actual.js
@@ -0,0 +1,3 @@
+import foo from "./foo";
+
+console.log(foo);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-default/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-default/expected.js
new file mode 100644
index 0000000000..4e744585c8
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-default/expected.js
@@ -0,0 +1,5 @@
+"use strict";
+
+var _foo = babelHelpers.interopRequireDefault(require("./foo"));
+
+console.log(_foo.default);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-named/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-named/actual.js
new file mode 100644
index 0000000000..0fe883ae12
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-named/actual.js
@@ -0,0 +1,3 @@
+import { foo } from "./foo";
+
+console.log(foo);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-named/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-named/expected.js
new file mode 100644
index 0000000000..c3db1307f1
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-named/expected.js
@@ -0,0 +1,5 @@
+"use strict";
+
+var _foo = require("./foo");
+
+console.log(_foo.foo);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-namespace/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-namespace/actual.js
new file mode 100644
index 0000000000..3ed8b5bd70
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-namespace/actual.js
@@ -0,0 +1,3 @@
+import * as foo from "./foo";
+
+console.log(foo);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-namespace/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-namespace/expected.js
new file mode 100644
index 0000000000..d041921ee4
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/import-namespace/expected.js
@@ -0,0 +1,4 @@
+"use strict";
+
+var foo = babelHelpers.interopRequireWildcard(require("./foo"));
+console.log(foo);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/options.json b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/options.json
new file mode 100644
index 0000000000..edcd5f7c4c
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/options.json
@@ -0,0 +1,6 @@
+{
+  "plugins": [
+    "external-helpers",
+    ["transform-modules-commonjs", { "lazy": true }]
+  ]
+}
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-all/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-all/actual.js
new file mode 100644
index 0000000000..5567e8d73a
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-all/actual.js
@@ -0,0 +1 @@
+export * from "./foo";
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-all/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-all/expected.js
new file mode 100644
index 0000000000..9f28bb1142
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-all/expected.js
@@ -0,0 +1,17 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+
+var _foo = require("./foo");
+
+Object.keys(_foo).forEach(function (key) {
+  if (key === "default" || key === "__esModule") return;
+  Object.defineProperty(exports, key, {
+    enumerable: true,
+    get: function () {
+      return _foo[key];
+    }
+  });
+});
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-default/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-default/actual.js
new file mode 100644
index 0000000000..2aede48ba8
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-default/actual.js
@@ -0,0 +1,2 @@
+import foo from "./foo";
+export { foo as default };
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-default/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-default/expected.js
new file mode 100644
index 0000000000..533346be97
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-default/expected.js
@@ -0,0 +1,13 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+Object.defineProperty(exports, "default", {
+  enumerable: true,
+  get: function () {
+    return _foo.default;
+  }
+});
+
+var _foo = babelHelpers.interopRequireDefault(require("./foo"));
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-named/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-named/actual.js
new file mode 100644
index 0000000000..7855dc48bf
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-named/actual.js
@@ -0,0 +1,2 @@
+import { named } from "./foo";
+export { named };
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-named/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-named/expected.js
new file mode 100644
index 0000000000..1de1c1ebd7
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-named/expected.js
@@ -0,0 +1,13 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+Object.defineProperty(exports, "named", {
+  enumerable: true,
+  get: function () {
+    return _foo.named;
+  }
+});
+
+var _foo = require("./foo");
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-namespace/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-namespace/actual.js
new file mode 100644
index 0000000000..b44913ff89
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-namespace/actual.js
@@ -0,0 +1,2 @@
+import * as namespace from "./foo";
+export { namespace };
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-namespace/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-namespace/expected.js
new file mode 100644
index 0000000000..6aad5e4726
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/reexport-namespace/expected.js
@@ -0,0 +1,8 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+exports.namespace = void 0;
+var namespace = babelHelpers.interopRequireWildcard(require("./foo"));
+exports.namespace = namespace;
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/sideeffect/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/sideeffect/actual.js
new file mode 100644
index 0000000000..3a0ce29651
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/sideeffect/actual.js
@@ -0,0 +1 @@
+import "./a";
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/sideeffect/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/sideeffect/expected.js
new file mode 100644
index 0000000000..d9c50859c3
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-local/sideeffect/expected.js
@@ -0,0 +1,3 @@
+"use strict";
+
+require("./a");
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-default/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-default/actual.js
new file mode 100644
index 0000000000..d82c2f5f59
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-default/actual.js
@@ -0,0 +1,7 @@
+import foo1 from "white";
+
+console.log(foo1);
+
+import foo2 from "black";
+
+console.log(foo2);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-default/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-default/expected.js
new file mode 100644
index 0000000000..a8f74edadb
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-default/expected.js
@@ -0,0 +1,16 @@
+"use strict";
+
+var _white = babelHelpers.interopRequireDefault(require("white"));
+
+function _black() {
+  const data = babelHelpers.interopRequireDefault(require("black"));
+
+  _black = function () {
+    return data;
+  };
+
+  return data;
+}
+
+console.log(_white.default);
+console.log(_black().default);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-named/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-named/actual.js
new file mode 100644
index 0000000000..4fc06ffa52
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-named/actual.js
@@ -0,0 +1,7 @@
+import { foo1 } from "white";
+
+console.log(foo1);
+
+import { foo2 } from "black";
+
+console.log(foo2);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-named/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-named/expected.js
new file mode 100644
index 0000000000..839569975a
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-named/expected.js
@@ -0,0 +1,16 @@
+"use strict";
+
+var _white = require("white");
+
+function _black() {
+  const data = require("black");
+
+  _black = function () {
+    return data;
+  };
+
+  return data;
+}
+
+console.log(_white.foo1);
+console.log(_black().foo2);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-namespace/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-namespace/actual.js
new file mode 100644
index 0000000000..20c0457ede
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-namespace/actual.js
@@ -0,0 +1,7 @@
+import * as foo1 from "white";
+
+console.log(foo1);
+
+import * as foo2 from "black";
+
+console.log(foo2);
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-namespace/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-namespace/expected.js
new file mode 100644
index 0000000000..703d0cdd86
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/import-namespace/expected.js
@@ -0,0 +1,16 @@
+"use strict";
+
+var foo1 = babelHelpers.interopRequireWildcard(require("white"));
+
+function foo2() {
+  const data = babelHelpers.interopRequireWildcard(require("black"));
+
+  foo2 = function () {
+    return data;
+  };
+
+  return data;
+}
+
+console.log(foo1);
+console.log(foo2());
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/options.json b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/options.json
new file mode 100644
index 0000000000..ac2f03bf91
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/options.json
@@ -0,0 +1,6 @@
+{
+  "plugins": [
+    "external-helpers",
+    ["transform-modules-commonjs", { "lazy": ["white"] }]
+  ]
+}
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-all/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-all/actual.js
new file mode 100644
index 0000000000..c70969c6ae
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-all/actual.js
@@ -0,0 +1,3 @@
+export * from "white";
+
+export * from "black";
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-all/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-all/expected.js
new file mode 100644
index 0000000000..bc299957cb
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-all/expected.js
@@ -0,0 +1,29 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+
+var _white = require("white");
+
+Object.keys(_white).forEach(function (key) {
+  if (key === "default" || key === "__esModule") return;
+  Object.defineProperty(exports, key, {
+    enumerable: true,
+    get: function () {
+      return _white[key];
+    }
+  });
+});
+
+var _black = require("black");
+
+Object.keys(_black).forEach(function (key) {
+  if (key === "default" || key === "__esModule") return;
+  Object.defineProperty(exports, key, {
+    enumerable: true,
+    get: function () {
+      return _black[key];
+    }
+  });
+});
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-default/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-default/actual.js
new file mode 100644
index 0000000000..1aade34dee
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-default/actual.js
@@ -0,0 +1,2 @@
+import foo from "white";
+export { foo as default };
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-default/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-default/expected.js
new file mode 100644
index 0000000000..4286297a7d
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-default/expected.js
@@ -0,0 +1,13 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+Object.defineProperty(exports, "default", {
+  enumerable: true,
+  get: function () {
+    return _white.default;
+  }
+});
+
+var _white = babelHelpers.interopRequireDefault(require("white"));
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-named/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-named/actual.js
new file mode 100644
index 0000000000..d119bdd215
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-named/actual.js
@@ -0,0 +1,5 @@
+import { named1 } from "white";
+export { named1 };
+
+import { named2 } from "black";
+export { named2 };
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-named/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-named/expected.js
new file mode 100644
index 0000000000..5ef2c0f7bf
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-named/expected.js
@@ -0,0 +1,29 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+Object.defineProperty(exports, "named1", {
+  enumerable: true,
+  get: function () {
+    return _white.named1;
+  }
+});
+Object.defineProperty(exports, "named2", {
+  enumerable: true,
+  get: function () {
+    return _black().named2;
+  }
+});
+
+var _white = require("white");
+
+function _black() {
+  const data = require("black");
+
+  _black = function () {
+    return data;
+  };
+
+  return data;
+}
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-namespace/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-namespace/actual.js
new file mode 100644
index 0000000000..608fac6689
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-namespace/actual.js
@@ -0,0 +1,5 @@
+import * as namespace1 from "white";
+export { namespace1 };
+
+import * as namespace2 from "black";
+export { namespace2 };
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-namespace/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-namespace/expected.js
new file mode 100644
index 0000000000..7e52454406
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/reexport-namespace/expected.js
@@ -0,0 +1,25 @@
+"use strict";
+
+Object.defineProperty(exports, "__esModule", {
+  value: true
+});
+exports.namespace2 = exports.namespace1 = void 0;
+var namespace1 = babelHelpers.interopRequireWildcard(require("white"));
+exports.namespace1 = namespace1;
+
+function namespace2() {
+  const data = babelHelpers.interopRequireWildcard(require("black"));
+
+  namespace2 = function () {
+    return data;
+  };
+
+  return data;
+}
+
+Object.defineProperty(exports, "namespace2", {
+  enumerable: true,
+  get: function () {
+    return namespace2();
+  }
+});
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/sideeffect/actual.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/sideeffect/actual.js
new file mode 100644
index 0000000000..88280a2368
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/sideeffect/actual.js
@@ -0,0 +1,2 @@
+import "white";
+import "black";
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/sideeffect/expected.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/sideeffect/expected.js
new file mode 100644
index 0000000000..1f8ffe799d
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/lazy-whitelist/sideeffect/expected.js
@@ -0,0 +1,5 @@
+"use strict";
+
+require("white");
+
+require("black");