diff --git a/CHANGELOG.md b/CHANGELOG.md
index 406f2a591a..759aabfd7d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,6 +3,7 @@
 ## Unreleased
 
 * Fix indirect bindings involving elements with spreads ([#3680](https://github.com/sveltejs/svelte/issues/3680))
+* Warn when using `<Foo/>` and `Foo` is dynamic ([#4331](https://github.com/sveltejs/svelte/issues/4331))
 * Fix unneeded updating of keyed each blocks ([#4373](https://github.com/sveltejs/svelte/issues/4373))
 
 ## 3.18.2
diff --git a/src/compiler/compile/render_dom/wrappers/InlineComponent/index.ts b/src/compiler/compile/render_dom/wrappers/InlineComponent/index.ts
index 631c172576..f1c57ed094 100644
--- a/src/compiler/compile/render_dom/wrappers/InlineComponent/index.ts
+++ b/src/compiler/compile/render_dom/wrappers/InlineComponent/index.ts
@@ -106,11 +106,28 @@ export default class InlineComponentWrapper extends Wrapper {
 		block.add_outro();
 	}
 
+	warn_if_reactive() {
+		const { name } = this.node;
+		const variable = this.renderer.component.var_lookup.get(name);
+		if (!variable) {
+			return;
+		}
+
+		if (variable.reassigned || variable.export_name || variable.is_reactive_dependency) {
+			this.renderer.component.warn(this.node, {
+				code: 'reactive-component',
+				message: `<${name}/> will not be reactive if ${name} changes. Use <svelte:component this={${name}}/> if you want this reactivity.`,
+			});
+		}
+	}
+
 	render(
 		block: Block,
 		parent_node: Identifier,
 		parent_nodes: Identifier
 	) {
+		this.warn_if_reactive();
+
 		const { renderer } = this;
 		const { component } = renderer;
 
diff --git a/test/validator/index.js b/test/validator/index.js
index 8bf0400d7c..9bce5e149b 100644
--- a/test/validator/index.js
+++ b/test/validator/index.js
@@ -20,6 +20,7 @@ describe("validate", () => {
 			const input = fs.readFileSync(`${__dirname}/samples/${dir}/input.svelte`, "utf-8").replace(/\s+$/, "");
 			const expected_warnings = tryToLoadJson(`${__dirname}/samples/${dir}/warnings.json`) || [];
 			const expected_errors = tryToLoadJson(`${__dirname}/samples/${dir}/errors.json`);
+			const options = tryToLoadJson(`${__dirname}/samples/${dir}/options.json`);
 
 			let error;
 
@@ -28,7 +29,8 @@ describe("validate", () => {
 					dev: config.dev,
 					legacy: config.legacy,
 					generate: false,
-					customElement: config.customElement
+					customElement: config.customElement,
+					...options,
 				});
 
 				assert.deepEqual(warnings.map(w => ({
diff --git a/test/validator/samples/component-dynamic/input.svelte b/test/validator/samples/component-dynamic/input.svelte
new file mode 100644
index 0000000000..f591a84fe1
--- /dev/null
+++ b/test/validator/samples/component-dynamic/input.svelte
@@ -0,0 +1,18 @@
+<script>
+	import A from './A.svelte';
+	import B from './B.svelte';
+
+	let Let = A;
+	function update() {
+		Let = B;
+	}
+
+	export let ExportLet = B;
+
+	$: Reactive = random() ? A : B;
+</script>
+
+<Let />
+<ExportLet />
+<Reactive />
+<svelte:component this={Let} />
\ No newline at end of file
diff --git a/test/validator/samples/component-dynamic/options.json b/test/validator/samples/component-dynamic/options.json
new file mode 100644
index 0000000000..3a50892eba
--- /dev/null
+++ b/test/validator/samples/component-dynamic/options.json
@@ -0,0 +1,3 @@
+{
+  "generate": true
+}
\ No newline at end of file
diff --git a/test/validator/samples/component-dynamic/warnings.json b/test/validator/samples/component-dynamic/warnings.json
new file mode 100644
index 0000000000..457ef11a1e
--- /dev/null
+++ b/test/validator/samples/component-dynamic/warnings.json
@@ -0,0 +1,47 @@
+[
+	{
+		"code": "reactive-component",
+    "message": "<Let/> will not be reactive if Let changes. Use <svelte:component this={Let}/> if you want this reactivity.",
+    "pos": 190,
+		"end": {
+			"character": 197,
+			"column": 7,
+			"line": 15
+		},
+		"start": {
+			"character": 190,
+			"column": 0,
+			"line": 15
+		}
+	},
+	{
+    "message": "<ExportLet/> will not be reactive if ExportLet changes. Use <svelte:component this={ExportLet}/> if you want this reactivity.",
+		"code": "reactive-component",
+    "pos": 198,
+		"end": {
+			"character": 211,
+			"column": 13,
+			"line": 16
+		},
+		"start": {
+			"character": 198,
+			"column": 0,
+			"line": 16
+		}
+	},
+	{
+    "message": "<Reactive/> will not be reactive if Reactive changes. Use <svelte:component this={Reactive}/> if you want this reactivity.",
+		"code": "reactive-component",
+    "pos": 212,
+		"end": {
+			"character": 224,
+			"column": 12,
+			"line": 17
+		},
+		"start": {
+			"character": 212,
+			"column": 0,
+			"line": 17
+		}
+	}
+]