diff --git a/lib/utils/injectRefreshLoader.js b/lib/utils/injectRefreshLoader.js
index 86b42abc..65687354 100644
--- a/lib/utils/injectRefreshLoader.js
+++ b/lib/utils/injectRefreshLoader.js
@@ -25,29 +25,33 @@ const refreshUtilsPath = path.join(__dirname, '../runtime/RefreshUtils');
 function injectRefreshLoader(moduleData, injectOptions) {
   const { match, options } = injectOptions;
 
+  // Include and exclude user-specified files
+  if (!match(moduleData.matchResource || moduleData.resource)) return moduleData;
+  // Include and exclude dynamically generated modules from other loaders
+  if (moduleData.matchResource && !match(moduleData.request)) return moduleData;
+  // Exclude files referenced as assets
+  if (moduleData.type.includes('asset')) return moduleData;
+  // Check to prevent double injection
+  if (moduleData.loaders.find(({ loader }) => loader === resolvedLoader)) return moduleData;
+  // Skip react-refresh and the plugin's runtime utils to prevent self-referencing -
+  // this is useful when using the plugin as a direct dependency,
+  // or when node_modules are specified to be processed.
   if (
-    // Include and exclude user-specified files
-    match(moduleData.matchResource || moduleData.resource) &&
-    // Exclude files referenced as assets
-    !moduleData.type.includes('asset') &&
-    // Skip react-refresh and the plugin's runtime utils to prevent self-referencing -
-    // this is useful when using the plugin as a direct dependency,
-    // or when node_modules are specified to be processed.
-    !moduleData.resource.includes(reactRefreshPath) &&
-    !moduleData.resource.includes(refreshUtilsPath) &&
-    // Check to prevent double injection
-    !moduleData.loaders.find(({ loader }) => loader === resolvedLoader)
+    moduleData.resource.includes(reactRefreshPath) ||
+    moduleData.resource.includes(refreshUtilsPath)
   ) {
-    // As we inject runtime code for each module,
-    // it is important to run the injected loader after everything.
-    // This way we can ensure that all code-processing have been done,
-    // and we won't risk breaking tools like Flow or ESLint.
-    moduleData.loaders.unshift({
-      loader: resolvedLoader,
-      options,
-    });
+    return moduleData;
   }
 
+  // As we inject runtime code for each module,
+  // it is important to run the injected loader after everything.
+  // This way we can ensure that all code-processing have been done,
+  // and we won't risk breaking tools like Flow or ESLint.
+  moduleData.loaders.unshift({
+    loader: resolvedLoader,
+    options,
+  });
+
   return moduleData;
 }