diff --git a/packages/nx/src/plugins/js/project-graph/build-dependencies/target-project-locator.spec.ts b/packages/nx/src/plugins/js/project-graph/build-dependencies/target-project-locator.spec.ts
index a740e3c326..b94ebe7f2c 100644
--- a/packages/nx/src/plugins/js/project-graph/build-dependencies/target-project-locator.spec.ts
+++ b/packages/nx/src/plugins/js/project-graph/build-dependencies/target-project-locator.spec.ts
@@ -1011,6 +1011,52 @@ describe('TargetProjectLocator', () => {
       expect(result).toEqual('npm:foo@0.0.1');
     });
   });
+
+  describe('findDependencyInWorkspaceProjects', () => {
+    it.each`
+      pkgName        | project   | exports                                                      | dependency
+      ${'@org/pkg1'} | ${'pkg1'} | ${undefined}                                                 | ${'@org/pkg1'}
+      ${'@org/pkg1'} | ${'pkg1'} | ${undefined}                                                 | ${'@org/pkg1/subpath'}
+      ${'@org/pkg1'} | ${'pkg1'} | ${'dist/index.js'}                                           | ${'@org/pkg1'}
+      ${'@org/pkg1'} | ${'pkg1'} | ${{}}                                                        | ${'@org/pkg1'}
+      ${'@org/pkg1'} | ${'pkg1'} | ${{}}                                                        | ${'@org/pkg1/subpath'}
+      ${'@org/pkg1'} | ${'pkg1'} | ${{ '.': 'dist/index.js' }}                                  | ${'@org/pkg1'}
+      ${'@org/pkg1'} | ${'pkg1'} | ${{ '.': 'dist/index.js' }}                                  | ${'@org/pkg1/subpath'}
+      ${'@org/pkg1'} | ${'pkg1'} | ${{ './subpath': './dist/subpath.js' }}                      | ${'@org/pkg1'}
+      ${'@org/pkg1'} | ${'pkg1'} | ${{ './subpath': './dist/subpath.js' }}                      | ${'@org/pkg1/subpath'}
+      ${'@org/pkg1'} | ${'pkg1'} | ${{ import: './dist/index.js', default: './dist/index.js' }} | ${'@org/pkg1'}
+      ${'@org/pkg1'} | ${'pkg1'} | ${{ import: './dist/index.js', default: './dist/index.js' }} | ${'@org/pkg1/subpath'}
+    `(
+      'should find "$dependency" as "$project" when exports="$exports"',
+      ({ pkgName, project, exports, dependency }) => {
+        let projects: Record<string, ProjectGraphProjectNode> = {
+          [project]: {
+            name: project,
+            type: 'lib' as const,
+            data: {
+              root: project,
+              metadata: {
+                js: {
+                  packageName: pkgName,
+                  packageExports: exports,
+                },
+              },
+            },
+          },
+        };
+
+        const targetProjectLocator = new TargetProjectLocator(
+          projects,
+          {},
+          new Map()
+        );
+        const result =
+          targetProjectLocator.findDependencyInWorkspaceProjects(dependency);
+
+        expect(result).toEqual(project);
+      }
+    );
+  });
 });
 
 describe('isBuiltinModuleImport()', () => {
diff --git a/packages/nx/src/plugins/js/project-graph/build-dependencies/target-project-locator.ts b/packages/nx/src/plugins/js/project-graph/build-dependencies/target-project-locator.ts
index e4752cd898..daca3da58f 100644
--- a/packages/nx/src/plugins/js/project-graph/build-dependencies/target-project-locator.ts
+++ b/packages/nx/src/plugins/js/project-graph/build-dependencies/target-project-locator.ts
@@ -259,7 +259,14 @@ export class TargetProjectLocator {
       this.nodes
     );
 
-    return this.packageEntryPointsToProjectMap[dep]?.name ?? null;
+    return (
+      this.packageEntryPointsToProjectMap[dep]?.name ??
+      // if the package exports do not include ".", look for subpath exports
+      Object.entries(this.packageEntryPointsToProjectMap).find(([entryPoint]) =>
+        dep.startsWith(`${entryPoint}/`)
+      )?.[1]?.name ??
+      null
+    );
   }
 
   private resolveImportWithTypescript(
diff --git a/packages/nx/src/plugins/js/utils/packages.ts b/packages/nx/src/plugins/js/utils/packages.ts
index 0625deedec..f3a257db4c 100644
--- a/packages/nx/src/plugins/js/utils/packages.ts
+++ b/packages/nx/src/plugins/js/utils/packages.ts
@@ -15,13 +15,28 @@ export function getPackageEntryPointsToProjectMap<
     }
 
     const { packageName, packageExports } = metadata.js;
-    if (!packageExports || typeof packageExports === 'string') {
+    if (
+      !packageExports ||
+      typeof packageExports === 'string' ||
+      !Object.keys(packageExports).length
+    ) {
       // no `exports` or it points to a file, which would be the equivalent of
       // an '.' export, in which case the package name is the entry point
       result[packageName] = project;
     } else {
       for (const entryPoint of Object.keys(packageExports)) {
-        result[join(packageName, entryPoint)] = project;
+        // if entrypoint begins with '.', it is a relative subpath export
+        // otherwise, it is a conditional export
+        // https://nodejs.org/api/packages.html#conditional-exports
+        if (entryPoint.startsWith('.')) {
+          result[join(packageName, entryPoint)] = project;
+        } else {
+          result[packageName] = project;
+        }
+      }
+      // if there was no '.' entrypoint, ensure the package name is matched with the project
+      if (!result[packageName]) {
+        result[packageName] = project;
       }
     }
   }