diff --git a/e2e/esbuild/src/esbuild.test.ts b/e2e/esbuild/src/esbuild.test.ts
index 4686732bb9..56af4ccb93 100644
--- a/e2e/esbuild/src/esbuild.test.ts
+++ b/e2e/esbuild/src/esbuild.test.ts
@@ -156,6 +156,13 @@ describe('EsBuild Plugin', () => {
     // Bundle only child lib
     runCLI(`build ${parentLib} --third-party=false`);
 
+    expect(
+      readJson(`dist/libs/${parentLib}/package.json`).dependencies
+    ).toEqual({
+      // Don't care about the versions, just that they exist
+      rambda: expect.any(String),
+      lodash: expect.any(String),
+    });
     runResult = runCommand(`node dist/libs/${parentLib}/index.cjs`);
     expect(runResult).toMatch(/Hello world/);
     expect(runResult).toMatch(/Hello from child lib/);
diff --git a/packages/esbuild/src/executors/esbuild/esbuild.impl.ts b/packages/esbuild/src/executors/esbuild/esbuild.impl.ts
index 04ea6d6357..289731b1a4 100644
--- a/packages/esbuild/src/executors/esbuild/esbuild.impl.ts
+++ b/packages/esbuild/src/executors/esbuild/esbuild.impl.ts
@@ -87,6 +87,10 @@ export async function* esbuildExecutor(
       generateLockfile: true,
       outputFileExtensionForCjs: getOutExtension('cjs', options),
       excludeLibsInPackageJson: !options.thirdParty,
+      // TODO(jack): Remove the need to pass updateBuildableProjectDepsInPackageJson option when overrideDependencies or extraDependencies are passed.
+      // Add this back to fix a regression.
+      // See: https://github.com/nrwl/nx/issues/19773
+      updateBuildableProjectDepsInPackageJson: externalDependencies.length > 0,
     };
 
     // If we're bundling third-party packages, then any extra deps from external should be the only deps in package.json