diff --git a/internal/bundler/bundler.go b/internal/bundler/bundler.go
index 9d53da34ee1..1e4aeffb895 100644
--- a/internal/bundler/bundler.go
+++ b/internal/bundler/bundler.go
@@ -908,6 +908,11 @@ func runOnLoadPlugins(
 	}
 	tracker := logger.MakeLineColumnTracker(importSource)
 
+	// Force disabled modules to be empty
+	if source.KeyPath.IsDisabled() {
+		return loaderPluginResult{loader: config.LoaderEmpty}, true
+	}
+
 	// Apply loader plugins in order until one succeeds
 	for _, plugin := range plugins {
 		for _, onLoad := range plugin.OnLoad {
@@ -965,11 +970,6 @@ func runOnLoadPlugins(
 		}
 	}
 
-	// Force disabled modules to be empty
-	if source.KeyPath.IsDisabled() {
-		return loaderPluginResult{loader: config.LoaderEmpty}, true
-	}
-
 	// Read normal modules from disk
 	if source.KeyPath.Namespace == "file" {
 		if contents, err, originalError := fsCache.ReadFile(fs, source.KeyPath.Text); err == nil {