diff --git a/lib/internal/loader/ModuleJob.js b/lib/internal/loader/ModuleJob.js
index a17c501609a426..8aa1b4b0513500 100644
--- a/lib/internal/loader/ModuleJob.js
+++ b/lib/internal/loader/ModuleJob.js
@@ -2,6 +2,7 @@
 
 const { ModuleWrap } = internalBinding('module_wrap');
 const { SafeSet, SafePromise } = require('internal/safe_globals');
+const { decorateErrorStack } = require('internal/util');
 const assert = require('assert');
 const resolvedPromise = SafePromise.resolve();
 
@@ -81,7 +82,12 @@ class ModuleJob {
       }
       throw e;
     }
-    this.module.instantiate();
+    try {
+      this.module.instantiate();
+    } catch (e) {
+      decorateErrorStack(e);
+      throw e;
+    }
     for (const dependencyJob of jobsInGraph) {
       // Calling `this.module.instantiate()` instantiates not only the
       // ModuleWrap in this module, but all modules in the graph.
diff --git a/src/module_wrap.cc b/src/module_wrap.cc
index 2474b362d7d858..b8970d4fb3222f 100644
--- a/src/module_wrap.cc
+++ b/src/module_wrap.cc
@@ -179,6 +179,7 @@ void ModuleWrap::Link(const FunctionCallbackInfo<Value>& args) {
 }
 
 void ModuleWrap::Instantiate(const FunctionCallbackInfo<Value>& args) {
+  Environment* env = Environment::GetCurrent(args);
   Isolate* isolate = args.GetIsolate();
   Local<Object> that = args.This();
   Local<Context> context = that->CreationContext();
@@ -186,6 +187,7 @@ void ModuleWrap::Instantiate(const FunctionCallbackInfo<Value>& args) {
   ModuleWrap* obj = Unwrap<ModuleWrap>(that);
   CHECK_NE(obj, nullptr);
   Local<Module> module = obj->module_.Get(isolate);
+  TryCatch try_catch(isolate);
   Maybe<bool> ok =
       module->InstantiateModule(context, ModuleWrap::ResolveCallback);
 
@@ -195,6 +197,12 @@ void ModuleWrap::Instantiate(const FunctionCallbackInfo<Value>& args) {
   obj->resolve_cache_.clear();
 
   if (!ok.FromMaybe(false)) {
+    CHECK(try_catch.HasCaught());
+    CHECK(!try_catch.Message().IsEmpty());
+    CHECK(!try_catch.Exception().IsEmpty());
+    AppendExceptionLine(env, try_catch.Exception(), try_catch.Message(),
+                        ErrorHandlingMode::MODULE_ERROR);
+    try_catch.ReThrow();
     return;
   }
 }
diff --git a/test/fixtures/es-module-loaders/module-named-exports.mjs b/test/fixtures/es-module-loaders/module-named-exports.mjs
new file mode 100644
index 00000000000000..04f7f43ebd8b90
--- /dev/null
+++ b/test/fixtures/es-module-loaders/module-named-exports.mjs
@@ -0,0 +1,2 @@
+export const foo = 'foo';
+export const bar = 'bar';
diff --git a/test/fixtures/es-module-loaders/syntax-error-import.mjs b/test/fixtures/es-module-loaders/syntax-error-import.mjs
new file mode 100644
index 00000000000000..9cad68c7ce2a30
--- /dev/null
+++ b/test/fixtures/es-module-loaders/syntax-error-import.mjs
@@ -0,0 +1 @@
+import { foo, notfound } from './module-named-exports';
diff --git a/test/message/esm_display_syntax_error_import.mjs b/test/message/esm_display_syntax_error_import.mjs
new file mode 100644
index 00000000000000..87cedf1d4edd97
--- /dev/null
+++ b/test/message/esm_display_syntax_error_import.mjs
@@ -0,0 +1,7 @@
+// Flags:  --experimental-modules
+/* eslint-disable no-unused-vars */
+import '../common';
+import {
+  foo,
+  notfound
+} from '../fixtures/es-module-loaders/module-named-exports';
diff --git a/test/message/esm_display_syntax_error_import.out b/test/message/esm_display_syntax_error_import.out
new file mode 100644
index 00000000000000..1fb7fdc34a7de4
--- /dev/null
+++ b/test/message/esm_display_syntax_error_import.out
@@ -0,0 +1,7 @@
+(node:*) ExperimentalWarning: The ESM module loader is experimental.
+file:///*/test/message/esm_display_syntax_error_import.mjs:6
+  notfound
+  ^^^^^^^^
+SyntaxError: The requested module does not provide an export named 'notfound'
+    at ModuleJob._instantiate (internal/loader/ModuleJob.js:*:*)
+    at <anonymous>
diff --git a/test/message/esm_display_syntax_error_import_module.mjs b/test/message/esm_display_syntax_error_import_module.mjs
new file mode 100644
index 00000000000000..32c0edb3506835
--- /dev/null
+++ b/test/message/esm_display_syntax_error_import_module.mjs
@@ -0,0 +1,3 @@
+// Flags:  --experimental-modules
+import '../common';
+import '../fixtures/es-module-loaders/syntax-error-import';
diff --git a/test/message/esm_display_syntax_error_import_module.out b/test/message/esm_display_syntax_error_import_module.out
new file mode 100644
index 00000000000000..77fd63891f1ea0
--- /dev/null
+++ b/test/message/esm_display_syntax_error_import_module.out
@@ -0,0 +1,7 @@
+(node:*) ExperimentalWarning: The ESM module loader is experimental.
+file:///*/test/fixtures/es-module-loaders/syntax-error-import.mjs:1
+import { foo, notfound } from './module-named-exports';
+              ^^^^^^^^
+SyntaxError: The requested module does not provide an export named 'notfound'
+    at ModuleJob._instantiate (internal/loader/ModuleJob.js:*:*)
+    at <anonymous>