diff --git a/common.gypi b/common.gypi
index 6d49200da370e3..a1c01c922d0d42 100644
--- a/common.gypi
+++ b/common.gypi
@@ -36,7 +36,7 @@
 
     # Reset this number to 0 on major V8 upgrades.
     # Increment by one for each non-official patch applied to deps/v8.
-    'v8_embedder_string': '-node.41',
+    'v8_embedder_string': '-node.42',
 
     ##### V8 defaults for Node.js #####
 
diff --git a/deps/v8/src/wasm/baseline/liftoff-assembler.cc b/deps/v8/src/wasm/baseline/liftoff-assembler.cc
index 923d375064c924..c505cf7e6d17ef 100644
--- a/deps/v8/src/wasm/baseline/liftoff-assembler.cc
+++ b/deps/v8/src/wasm/baseline/liftoff-assembler.cc
@@ -37,6 +37,7 @@ class StackTransferRecipe {
 
   struct RegisterLoad {
     enum LoadKind : uint8_t {
+      kNop,           // no-op, used for high fp of a fp pair.
       kConstant,      // load a constant value into a register.
       kStack,         // fill a register from a stack slot.
       kLowHalfStack,  // fill a register from the low half of a stack slot.
@@ -63,6 +64,10 @@ class StackTransferRecipe {
       return {half == kLowWord ? kLowHalfStack : kHighHalfStack, kWasmI32,
               offset};
     }
+    static RegisterLoad Nop() {
+      // ValueType does not matter.
+      return {kNop, kWasmI32, 0};
+    }
 
    private:
     RegisterLoad(LoadKind kind, ValueType type, int32_t value)
@@ -217,11 +222,11 @@ class StackTransferRecipe {
           RegisterLoad::HalfStack(stack_offset, kHighWord);
     } else if (dst.is_fp_pair()) {
       DCHECK_EQ(kWasmS128, type);
-      // load_dst_regs_.set above will set both low and high fp regs.
-      // But unlike gp_pair, we load a kWasm128 in one go in ExecuteLoads.
-      // So unset the top fp register to skip loading it.
-      load_dst_regs_.clear(dst.high());
+      // Only need register_load for low_gp since we load 128 bits at one go.
+      // Both low and high need to be set in load_dst_regs_ but when iterating
+      // over it, both low and high will be cleared, so we won't load twice.
       *register_load(dst.low()) = RegisterLoad::Stack(stack_offset, type);
+      *register_load(dst.high()) = RegisterLoad::Nop();
     } else {
       *register_load(dst) = RegisterLoad::Stack(stack_offset, type);
     }
@@ -318,6 +323,8 @@ class StackTransferRecipe {
     for (LiftoffRegister dst : load_dst_regs_) {
       RegisterLoad* load = register_load(dst);
       switch (load->kind) {
+        case RegisterLoad::kNop:
+          break;
         case RegisterLoad::kConstant:
           asm_->LoadConstant(dst, load->type == kWasmI64
                                       ? WasmValue(int64_t{load->value})
diff --git a/deps/v8/test/mjsunit/regress/wasm/regress-1161654.js b/deps/v8/test/mjsunit/regress/wasm/regress-1161654.js
new file mode 100644
index 00000000000000..93f2c3b556fc55
--- /dev/null
+++ b/deps/v8/test/mjsunit/regress/wasm/regress-1161654.js
@@ -0,0 +1,56 @@
+// Copyright 2021 the V8 project authors. All rights reserved.
+// Use of this source code is governed by a BSD-style license that can be
+// found in the LICENSE file.
+
+// Flags: --wasm-staging
+
+// This is a fuzzer-generated test case that exposed a bug in Liftoff that only
+// affects ARM, where the fp register aliasing is different from other archs.
+// We were inncorrectly clearing the the high fp register in a LiftoffRegList
+// indicating registers to load, hitting a DCHECK.
+load('test/mjsunit/wasm/wasm-module-builder.js');
+
+const builder = new WasmModuleBuilder();
+builder.addMemory(19, 32, false);
+builder.addGlobal(kWasmI32, 0);
+builder.addType(makeSig([], []));
+builder.addType(makeSig([kWasmI64, kWasmS128, kWasmF32], [kWasmI32]));
+// Generate function 1 (out of 5).
+builder.addFunction(undefined, 0 /* sig */)
+  .addBodyWithEnd([
+// signature: v_v
+// body:
+kExprI32Const, 0x05,  // i32.const
+kExprReturn,  // return
+kExprUnreachable,  // unreachable
+kExprEnd,  // end @5
+]);
+// Generate function 4 (out of 5).
+builder.addFunction(undefined, 1 /* sig */)
+  .addBodyWithEnd([
+// signature: i_lsf
+// body:
+kExprLocalGet, 0x01,  // local.get
+kExprLocalGet, 0x01,  // local.get
+kExprGlobalGet, 0x00,  // global.get
+kExprDrop,  // drop
+kExprLoop, kWasmStmt,  // loop @8
+  kExprLoop, 0x00,  // loop @10
+    kExprI32Const, 0x01,  // i32.const
+    kExprMemoryGrow, 0x00,  // memory.grow
+    kExprI64LoadMem8U, 0x00, 0x70,  // i64.load8_u
+    kExprLoop, 0x00,  // loop @19
+      kExprCallFunction, 0x00,  // call function #0: v_v
+      kExprEnd,  // end @23
+    kExprI64Const, 0xf1, 0x24,  // i64.const
+    kExprGlobalGet, 0x00,  // global.get
+    kExprDrop,  // drop
+    kExprBr, 0x00,  // br depth=0
+    kExprEnd,  // end @32
+  kExprEnd,  // end @33
+kExprI32Const, 0x5b,  // i32.const
+kExprReturn,  // return
+kExprEnd,  // end @37
+]);
+// Instantiation is enough to cause a crash.
+const instance = builder.instantiate();