diff --git a/lib/esm-transformer.ts b/lib/esm-transformer.ts
index fa331ad3..b0dc1355 100644
--- a/lib/esm-transformer.ts
+++ b/lib/esm-transformer.ts
@@ -225,6 +225,76 @@ export function rewriteMjsRequirePaths(code: string): string {
   );
 }
 
+// CommonJS-resolvable conditions, in the order Node's require() resolver
+// honours them. If a conditions object exposes none of these, require() cannot
+// resolve it (Node throws ERR_PACKAGE_PATH_NOT_EXPORTED).
+const CJS_EXPORT_CONDITIONS = ['require', 'node', 'node-addons', 'default'];
+
+// eslint-disable-next-line @typescript-eslint/no-explicit-any
+type ExportsValue = any;
+
+/**
+ * Make a package.json "exports" value resolvable through CommonJS `require()`
+ * after pkg has transformed the package's ESM sources to CJS.
+ *
+ * pkg compiles every ESM module to CommonJS and renames the package's `.mjs`
+ * files to `.js` in the snapshot. The "exports" field, however, is left as the
+ * package author wrote it, so at runtime Node's CJS resolver (which always
+ * prefers "exports" over "main") still sees `import`-only conditions and/or
+ * targets pointing at the now-renamed `.mjs` files. That produces
+ * ERR_PACKAGE_PATH_NOT_EXPORTED (import-only packages) or MODULE_NOT_FOUND
+ * (targets pointing at a `.mjs` file that no longer exists).
+ *
+ * This rewrites the field to mirror the transformation pkg already applied:
+ *  - every string target has its `.mjs` extension rewritten to `.js`, and
+ *  - any conditions object that lacks a CJS-resolvable condition gets a
+ *    synthetic `require` condition mirroring its `import` (or `default`) target,
+ *    so `require()` resolves to the transformed file.
+ *
+ * @param exportsField - The raw "exports" value from package.json
+ * @returns A new "exports" value resolvable via `require()`
+ */
+export function normalizeExportsForCJS(
+  exportsField: ExportsValue,
+): ExportsValue {
+  if (typeof exportsField === 'string') {
+    return exportsField.replace(/\.mjs$/, '.js');
+  }
+
+  if (Array.isArray(exportsField)) {
+    return exportsField.map((entry) => normalizeExportsForCJS(entry));
+  }
+
+  if (exportsField && typeof exportsField === 'object') {
+    const keys = Object.keys(exportsField);
+    // A conditions object uses condition names as keys (e.g. "import",
+    // "require"); a subpath map uses "." / "./sub" keys. They never mix, so the
+    // presence of any condition key means this is a conditions object.
+    const isConditions = keys.some((key) => !key.startsWith('.'));
+
+    const result: ExportsValue = {};
+    for (const key of keys) {
+      result[key] = normalizeExportsForCJS(exportsField[key]);
+    }
+
+    if (
+      isConditions &&
+      !keys.some((key) => CJS_EXPORT_CONDITIONS.includes(key))
+    ) {
+      // Import-only conditions object: add a `require` target mirroring the ESM
+      // one so the transformed file is reachable through require().
+      const fallback = result.import ?? result.default;
+      if (fallback !== undefined) {
+        return { require: fallback, ...result };
+      }
+    }
+
+    return result;
+  }
+
+  return exportsField;
+}
+
 /**
  * Transform ESM code to CommonJS using esbuild
  * This allows ESM modules to be compiled to bytecode via vm.Script
diff --git a/lib/walker.ts b/lib/walker.ts
index 1c2f276b..403e9fff 100644
--- a/lib/walker.ts
+++ b/lib/walker.ts
@@ -26,7 +26,11 @@ import { pc } from './colors';
 import { follow } from './follow';
 import { log, wasReported } from './log';
 import * as detector from './detector';
-import { transformESMtoCJS, rewriteMjsRequirePaths } from './esm-transformer';
+import {
+  transformESMtoCJS,
+  rewriteMjsRequirePaths,
+  normalizeExportsForCJS,
+} from './esm-transformer';
 import {
   ConfigDictionary,
   FileRecord,
@@ -1081,6 +1085,24 @@ class Walker {
             }
           }
 
+          // If package has an "exports" field, rewrite it so the snapshot is
+          // resolvable through CommonJS require(). pkg transforms ESM to CJS and
+          // renames .mjs files to .js, but Node's CJS resolver always prefers
+          // "exports" over "main"; without this, import-only or .mjs-targeted
+          // exports fail at runtime (ERR_PACKAGE_PATH_NOT_EXPORTED / MODULE_NOT_FOUND).
+          if (pkgContent.exports && !this.params.seaMode) {
+            const normalizedExports = normalizeExportsForCJS(
+              pkgContent.exports,
+            );
+            if (
+              JSON.stringify(normalizedExports) !==
+              JSON.stringify(pkgContent.exports)
+            ) {
+              pkgContent.exports = normalizedExports;
+              modified = true;
+            }
+          }
+
           // If package has "type": "module", we need to change it to "commonjs"
           // because we transform all ESM files to CJS before bytecode compilation
           if (pkgContent.type === 'module' && !this.params.seaMode) {
diff --git a/test/test-54-esm-exports-conditions/app/app-a.mjs b/test/test-54-esm-exports-conditions/app/app-a.mjs
new file mode 100644
index 00000000..7b51c7b7
--- /dev/null
+++ b/test/test-54-esm-exports-conditions/app/app-a.mjs
@@ -0,0 +1,3 @@
+import { a } from 'esm-only';
+
+console.log(a);
diff --git a/test/test-54-esm-exports-conditions/app/app-b.mjs b/test/test-54-esm-exports-conditions/app/app-b.mjs
new file mode 100644
index 00000000..cc31b02c
--- /dev/null
+++ b/test/test-54-esm-exports-conditions/app/app-b.mjs
@@ -0,0 +1,3 @@
+import { b } from 'req-mjs';
+
+console.log(b);
diff --git a/test/test-54-esm-exports-conditions/app/node_modules/esm-only/index.mjs b/test/test-54-esm-exports-conditions/app/node_modules/esm-only/index.mjs
new file mode 100644
index 00000000..2bf789c1
--- /dev/null
+++ b/test/test-54-esm-exports-conditions/app/node_modules/esm-only/index.mjs
@@ -0,0 +1 @@
+export const a = 'esm-only ok';
diff --git a/test/test-54-esm-exports-conditions/app/node_modules/esm-only/package.json b/test/test-54-esm-exports-conditions/app/node_modules/esm-only/package.json
new file mode 100644
index 00000000..8163067d
--- /dev/null
+++ b/test/test-54-esm-exports-conditions/app/node_modules/esm-only/package.json
@@ -0,0 +1,9 @@
+{
+  "name": "esm-only",
+  "version": "1.0.0",
+  "exports": {
+    ".": {
+      "import": "./index.mjs"
+    }
+  }
+}
diff --git a/test/test-54-esm-exports-conditions/app/node_modules/req-mjs/index.mjs b/test/test-54-esm-exports-conditions/app/node_modules/req-mjs/index.mjs
new file mode 100644
index 00000000..25be604d
--- /dev/null
+++ b/test/test-54-esm-exports-conditions/app/node_modules/req-mjs/index.mjs
@@ -0,0 +1 @@
+export const b = 'req-mjs ok';
diff --git a/test/test-54-esm-exports-conditions/app/node_modules/req-mjs/package.json b/test/test-54-esm-exports-conditions/app/node_modules/req-mjs/package.json
new file mode 100644
index 00000000..323f4f37
--- /dev/null
+++ b/test/test-54-esm-exports-conditions/app/node_modules/req-mjs/package.json
@@ -0,0 +1,10 @@
+{
+  "name": "req-mjs",
+  "version": "1.0.0",
+  "exports": {
+    ".": {
+      "require": "./index.mjs",
+      "import": "./index.mjs"
+    }
+  }
+}
diff --git a/test/test-54-esm-exports-conditions/main.js b/test/test-54-esm-exports-conditions/main.js
new file mode 100644
index 00000000..9bd0c1a5
--- /dev/null
+++ b/test/test-54-esm-exports-conditions/main.js
@@ -0,0 +1,59 @@
+#!/usr/bin/env node
+
+'use strict';
+
+// Regression test for https://github.com/yao-pkg/pkg/issues/281
+//
+// A packaged ESM app crashes at startup when it imports a dependency whose
+// package.json "exports" map is valid for `import` but not resolvable through
+// CommonJS `require()`. pkg transforms ESM to CJS and renames .mjs -> .js, but
+// Node's CJS resolver always prefers "exports" over "main", so without
+// rewriting the "exports" field the binary fails at runtime with either:
+//   - case A (import-only):   ERR_PACKAGE_PATH_NOT_EXPORTED
+//   - case B (.mjs targets):  MODULE_NOT_FOUND (.../index.mjs)
+
+const path = require('path');
+const assert = require('assert');
+const utils = require('../utils.js');
+
+assert(!module.parent);
+assert(__dirname === process.cwd());
+
+const target = process.argv[2] || 'host';
+
+const cases = [
+  { id: 'a', entry: './app/app-a.mjs', expected: 'esm-only ok' },
+  { id: 'b', entry: './app/app-b.mjs', expected: 'req-mjs ok' },
+];
+
+for (const testCase of cases) {
+  console.log(`Testing ESM exports conditions (case ${testCase.id})...`);
+
+  const output = `./run-time/test-output-${testCase.id}.exe`;
+  utils.mkdirp.sync(path.dirname(output));
+
+  // Expected output from plain node.
+  const left = utils.spawn.sync('node', [path.basename(testCase.entry)], {
+    cwd: path.dirname(testCase.entry),
+  });
+  assert.strictEqual(left.trim(), testCase.expected);
+
+  // Package with pkg.
+  utils.pkg.sync(['--target', target, '--output', output, testCase.entry], {
+    stdio: 'inherit',
+  });
+
+  // The packaged binary must run and produce the same output (no startup crash).
+  const right = utils.spawn.sync('./' + path.basename(output), [], {
+    cwd: path.dirname(output),
+  });
+  assert.strictEqual(
+    left.trim(),
+    right.trim(),
+    `Outputs should match between node and pkg for case ${testCase.id}`,
+  );
+
+  console.log(`Test passed: case ${testCase.id}`);
+}
+
+utils.vacuum.sync('./run-time');
diff --git a/test/unit/esm-transformer.test.ts b/test/unit/esm-transformer.test.ts
index 2325f916..e0354ffc 100644
--- a/test/unit/esm-transformer.test.ts
+++ b/test/unit/esm-transformer.test.ts
@@ -2,6 +2,7 @@ import assert from 'node:assert/strict';
 import { describe, it } from 'node:test';
 
 import {
+  normalizeExportsForCJS,
   rewriteMjsRequirePaths,
   transformESMtoCJS,
 } from '../../lib/esm-transformer';
@@ -147,3 +148,69 @@ describe('transformESMtoCJS', () => {
     assert.equal(res.code, 'let x = ;');
   });
 });
+
+describe('normalizeExportsForCJS', () => {
+  it('rewrites a string target .mjs to .js', () => {
+    assert.equal(normalizeExportsForCJS('./index.mjs'), './index.js');
+  });
+
+  it('adds a require condition for an import-only exports map (#281 case A)', () => {
+    // esm-only: { exports: { ".": { import: "./index.mjs" } } }
+    // Without a CJS-resolvable condition, require() throws
+    // ERR_PACKAGE_PATH_NOT_EXPORTED in the packaged binary.
+    assert.deepEqual(
+      normalizeExportsForCJS({ '.': { import: './index.mjs' } }),
+      {
+        '.': { require: './index.js', import: './index.js' },
+      },
+    );
+  });
+
+  it('rewrites .mjs require targets that no longer exist (#281 case B)', () => {
+    // req-mjs: { exports: { ".": { require: "./index.mjs", import: "./index.mjs" } } }
+    // The .mjs file is renamed to .js in the snapshot, so the target must follow.
+    assert.deepEqual(
+      normalizeExportsForCJS({
+        '.': { require: './index.mjs', import: './index.mjs' },
+      }),
+      { '.': { require: './index.js', import: './index.js' } },
+    );
+  });
+
+  it('falls back to the default condition when there is no import', () => {
+    assert.deepEqual(
+      normalizeExportsForCJS({ '.': { default: './index.mjs' } }),
+      {
+        '.': { default: './index.js' },
+      },
+    );
+  });
+
+  it('does not add require when a CJS-resolvable condition already exists', () => {
+    // `default` is resolvable by require(), so the map is left as-is (extensions aside).
+    assert.deepEqual(
+      normalizeExportsForCJS({ import: './e.mjs', default: './d.mjs' }),
+      { import: './e.js', default: './d.js' },
+    );
+  });
+
+  it('recurses through subpath maps and nested conditions', () => {
+    assert.deepEqual(
+      normalizeExportsForCJS({
+        '.': { import: './i.mjs' },
+        './sub': { node: { import: './sub.mjs' } },
+      }),
+      {
+        '.': { require: './i.js', import: './i.js' },
+        './sub': { node: { require: './sub.js', import: './sub.js' } },
+      },
+    );
+  });
+
+  it('handles array targets', () => {
+    assert.deepEqual(normalizeExportsForCJS(['./a.mjs', './b.mjs']), [
+      './a.js',
+      './b.js',
+    ]);
+  });
+});