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 62c7ddf8d1..e73bb05dad 100644
--- a/packages/babel-helper-module-transforms/src/rewrite-live-references.js
+++ b/packages/babel-helper-module-transforms/src/rewrite-live-references.js
@@ -202,6 +202,10 @@ const rewriteReferencesVisitor = {
       }
 
       requeueInParent(path);
+
+      // The path could have been replaced with an identifier that would
+      // otherwise be re-visited, so we skip processing its children.
+      path.skip();
     }
   },
 
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/regression/lazy-7176/input.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/regression/lazy-7176/input.js
new file mode 100644
index 0000000000..b6c0b8c947
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/regression/lazy-7176/input.js
@@ -0,0 +1,5 @@
+import * as mod from "mod";
+import { named } from "mod";
+
+named;
+mod;
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/regression/lazy-7176/options.json b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/regression/lazy-7176/options.json
new file mode 100644
index 0000000000..4d4cb95420
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/regression/lazy-7176/options.json
@@ -0,0 +1,6 @@
+{
+  "plugins": [
+    ["transform-modules-commonjs", {"lazy": true}],
+    "external-helpers"
+  ]
+}
diff --git a/packages/babel-plugin-transform-modules-commonjs/test/fixtures/regression/lazy-7176/output.js b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/regression/lazy-7176/output.js
new file mode 100644
index 0000000000..1d580efea9
--- /dev/null
+++ b/packages/babel-plugin-transform-modules-commonjs/test/fixtures/regression/lazy-7176/output.js
@@ -0,0 +1,14 @@
+"use strict";
+
+function mod() {
+  const data = babelHelpers.interopRequireWildcard(require("mod"));
+
+  mod = function () {
+    return data;
+  };
+
+  return data;
+}
+
+mod().named;
+mod();