diff --git a/lib/propshaft/assembly.rb b/lib/propshaft/assembly.rb
index 3fbb11c..c3a889c 100644
--- a/lib/propshaft/assembly.rb
+++ b/lib/propshaft/assembly.rb
@@ -5,6 +5,7 @@
 require "propshaft/processor"
 require "propshaft/compilers"
 require "propshaft/compiler/css_asset_urls"
+require "propshaft/compiler/js_import_urls"
 require "propshaft/compiler/source_mapping_urls"
 
 class Propshaft::Assembly
diff --git a/lib/propshaft/compiler/js_import_urls.rb b/lib/propshaft/compiler/js_import_urls.rb
new file mode 100644
index 0000000..fd35ec3
--- /dev/null
+++ b/lib/propshaft/compiler/js_import_urls.rb
@@ -0,0 +1,57 @@
+# frozen_string_literal: true
+
+require "propshaft/compiler"
+
+class Propshaft::Compiler::JsImportUrls < Propshaft::Compiler
+  # Sample of syntax captured by regex:
+  # Import and export declarations:
+  #   import defaultExport, { export1, /* … */ } from "module-name";
+  #   import defaultExport, * as name from "module-name";
+  #   import "module-name";
+  #   export * from "module-name";
+  # Dynamic imports:
+  #   import("./file.js").then((module) => ...)
+  #
+  # (                    # Caputre 1:
+  #   (?:import|export)  # Matches import or export
+  #   (?:\s*|.*?from\s*) # Matches any whitespace OR anything followed by "from" followed by any whitespace
+  # )
+  # (                    # Caputre 2:
+  #   (?:\(\s*)?         # Optionally matches ( followed by any whitespace
+  #   ["']                 # Matches " or '
+  # )
+  # (                    # Capture 3:
+  #   (?:\.\/|\.\.\/|\/) # Matches ./ OR ../ OR /
+  #   [^\/]              # Matches any character that isn't /. Prevents imports strating with relative url protocol //
+  #   [^"']+             # Matches any characters that aren't " or '
+  # )
+  # (                    # Caputre 4:
+  #   ["']               # Matches " or '
+  #   (?:\s*\))?         # Optionally matches any whitespace followed by a )
+  # )
+  IMPORT_URL_PATTERN = /((?:import|export)(?:\s*|.*?from\s*))((?:\(\s*)?["'])((?:\.\/|\.\.\/|\/)[^\/][^"']+)(["'](?:\s*\))?)/m
+
+  def compile(logical_path, input)
+    input.gsub(IMPORT_URL_PATTERN) { asset_url resolve_path(logical_path.dirname, $3), logical_path, $3, $1, $2, $4 }
+  end
+
+  private
+    def resolve_path(directory, filename)
+      if filename.start_with?("../")
+        Pathname.new(directory + filename).relative_path_from("").to_s
+      elsif filename.start_with?("/")
+        filename.delete_prefix("/").to_s
+      else
+        (directory + filename.delete_prefix("./")).to_s
+      end
+    end
+
+    def asset_url(resolved_path, logical_path, pattern, import, open, close)
+      if asset = assembly.load_path.find(resolved_path)
+        %[#{import}#{open}#{url_prefix}/#{asset.digested_path}#{close}]
+      else
+        Propshaft.logger.warn "Unable to resolve '#{pattern}' for missing asset '#{resolved_path}' in #{logical_path}"
+        %[#{import}#{open}#{pattern}#{close}]
+      end
+    end
+end
diff --git a/lib/propshaft/railtie.rb b/lib/propshaft/railtie.rb
index ad8d769..7946ec0 100644
--- a/lib/propshaft/railtie.rb
+++ b/lib/propshaft/railtie.rb
@@ -13,7 +13,8 @@ class Railtie < ::Rails::Railtie
     config.assets.compilers      = [
       [ "text/css", Propshaft::Compiler::CssAssetUrls ],
       [ "text/css", Propshaft::Compiler::SourceMappingUrls ],
-      [ "text/javascript", Propshaft::Compiler::SourceMappingUrls ]
+      [ "text/javascript", Propshaft::Compiler::SourceMappingUrls ],
+      [ "text/javascript", Propshaft::Compiler::JsImportUrls ]
     ]
     config.assets.sweep_cache = Rails.env.development?
     config.assets.server = Rails.env.development? || Rails.env.test?
diff --git a/test/fixtures/assets/vendor/file.js b/test/fixtures/assets/vendor/file.js
new file mode 100644
index 0000000..9bea59b
--- /dev/null
+++ b/test/fixtures/assets/vendor/file.js
@@ -0,0 +1 @@
+console.log("foobar")
diff --git a/test/fixtures/assets/vendor/foobar/file.js b/test/fixtures/assets/vendor/foobar/file.js
new file mode 100644
index 0000000..28f27a1
--- /dev/null
+++ b/test/fixtures/assets/vendor/foobar/file.js
@@ -0,0 +1 @@
+console.log("world")
diff --git a/test/fixtures/assets/vendor/foobar/source/file.js b/test/fixtures/assets/vendor/foobar/source/file.js
new file mode 100644
index 0000000..7728117
--- /dev/null
+++ b/test/fixtures/assets/vendor/foobar/source/file.js
@@ -0,0 +1 @@
+console.log("hello")
diff --git a/test/propshaft/compiler/js_import_urls_test.rb b/test/propshaft/compiler/js_import_urls_test.rb
new file mode 100644
index 0000000..5a1fcd8
--- /dev/null
+++ b/test/propshaft/compiler/js_import_urls_test.rb
@@ -0,0 +1,143 @@
+require "test_helper"
+require "minitest/mock"
+require "propshaft/asset"
+require "propshaft/assembly"
+require "propshaft/compilers"
+
+class Propshaft::Compiler::JsImportUrlsTest < ActiveSupport::TestCase
+  setup do
+    @options = ActiveSupport::OrderedOptions.new.tap { |config|
+      config.paths = [ Pathname.new("#{__dir__}/../../fixtures/assets/vendor") ]
+      config.output_path = Pathname.new("#{__dir__}/../../fixtures/output")
+      config.prefix = "/assets"
+    }
+  end
+
+  test "basic relative imports and exports to file in same folder" do
+    compiled = compile_asset_with_content(%(import "./file.js"))
+    assert_match(/import "\/assets\/foobar\/source\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(import * from "./file.js"))
+    assert_match(/import \* from "\/assets\/foobar\/source\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(export * from "./file.js"))
+    assert_match(/export \* from "\/assets\/foobar\/source\/file-[a-z0-9]{8}.js"/, compiled)
+  end
+
+  test "basic relative imports and exports to file with single quotes" do
+    compiled = compile_asset_with_content(%(import './file.js'))
+    assert_match(/import '\/assets\/foobar\/source\/file-[a-z0-9]{8}.js'/, compiled)
+    compiled = compile_asset_with_content(%(import * from './file.js'))
+    assert_match(/import \* from '\/assets\/foobar\/source\/file-[a-z0-9]{8}.js'/, compiled)
+    compiled = compile_asset_with_content(%(export * from './file.js'))
+    assert_match(/export \* from '\/assets\/foobar\/source\/file-[a-z0-9]{8}.js'/, compiled)
+  end
+
+  test "multiline imports and exports to file in same folder" do
+    compiled = compile_asset_with_content("import {\na as b\n} from \"./file.js\"")
+    assert_match(/import {\na as b\n} from "\/assets\/foobar\/source\/file-[a-z0-9]{8}.js"/m, compiled)
+    compiled = compile_asset_with_content("export {\na as b\n} from \"./file.js\"")
+    assert_match(/export {\na as b\n} from "\/assets\/foobar\/source\/file-[a-z0-9]{8}.js"/m, compiled)
+  end
+
+  test "imports and exports with excess space to file in same folder" do
+    compiled = compile_asset_with_content(%(import    "./file.js"))
+    assert_match(/import    "\/assets\/foobar\/source\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(import  *   from    "./file.js"))
+    assert_match(/import  \*   from    "\/assets\/foobar\/source\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(export    *  from     "./file.js"))
+    assert_match(/export    \*  from     "\/assets\/foobar\/source\/file-[a-z0-9]{8}.js"/, compiled)
+  end
+
+  test "basic relative imports and exports to file in same parent" do
+    compiled = compile_asset_with_content(%(import "../file.js"))
+    assert_match(/import "\/assets\/foobar\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(import * from "../file.js"))
+    assert_match(/import \* from "\/assets\/foobar\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(export * from "../file.js"))
+    assert_match(/export \* from "\/assets\/foobar\/file-[a-z0-9]{8}.js"/, compiled)
+  end
+
+  test "multiline imports and exports to file in same parent" do
+    compiled = compile_asset_with_content("import {\na as b\n} from \"../file.js\"")
+    assert_match(/import {\na as b\n} from "\/assets\/foobar\/file-[a-z0-9]{8}.js"/m, compiled)
+    compiled = compile_asset_with_content("export {\na as b\n} from \"../file.js\"")
+    assert_match(/export {\na as b\n} from "\/assets\/foobar\/file-[a-z0-9]{8}.js"/m, compiled)
+  end
+
+  test "imports and exports with excess space to file in same parent" do
+    compiled = compile_asset_with_content(%(import    "../file.js"))
+    assert_match(/import    "\/assets\/foobar\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(import  *   from    "../file.js"))
+    assert_match(/import  \*   from    "\/assets\/foobar\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(export    *  from     "../file.js"))
+    assert_match(/export    \*  from     "\/assets\/foobar\/file-[a-z0-9]{8}.js"/, compiled)
+  end
+
+  test "basic relative imports and exports to file in the root" do
+    compiled = compile_asset_with_content(%(import "/file.js"))
+    assert_match(/import "\/assets\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(import * from "/file.js"))
+    assert_match(/import \* from "\/assets\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(export * from "/file.js"))
+    assert_match(/export \* from "\/assets\/file-[a-z0-9]{8}.js"/, compiled)
+  end
+
+  test "multiline imports and exports to file in the root" do
+    compiled = compile_asset_with_content("import {\na as b\n} from \"/file.js\"")
+    assert_match(/import {\na as b\n} from "\/assets\/file-[a-z0-9]{8}.js"/m, compiled)
+    compiled = compile_asset_with_content("export {\na as b\n} from \"/file.js\"")
+    assert_match(/export {\na as b\n} from "\/assets\/file-[a-z0-9]{8}.js"/m, compiled)
+  end
+
+  test "imports and exports with excess space to file in the root" do
+    compiled = compile_asset_with_content(%(import    "/file.js"))
+    assert_match(/import    "\/assets\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(import  *   from    "/file.js"))
+    assert_match(/import  \*   from    "\/assets\/file-[a-z0-9]{8}.js"/, compiled)
+    compiled = compile_asset_with_content(%(export    *  from     "/file.js"))
+    assert_match(/export    \*  from     "\/assets\/file-[a-z0-9]{8}.js"/, compiled)
+  end
+
+  test "basic relative dynamic imports to file in same folder" do
+    compiled = compile_asset_with_content(%(import("./file.js").then()))
+    assert_match(/import\("\/assets\/foobar\/source\/file-[a-z0-9]{8}.js"\).then\(\)/, compiled)
+  end
+
+  test "basic relative dynamic imports to file with single quotes" do
+    compiled = compile_asset_with_content(%(import('./file.js')))
+    assert_match(/import\('\/assets\/foobar\/source\/file-[a-z0-9]{8}.js'\)/, compiled)
+  end
+
+  test "dynamic imports with excess space to file in same folder" do
+    compiled = compile_asset_with_content(%(import  \(  "./file.js"    \) ))
+    assert_match(/import  \(  "\/assets\/foobar\/source\/file-[a-z0-9]{8}.js"    \)/, compiled)
+  end
+
+  test "missing asset" do
+    compiled = compile_asset_with_content(%(import "./nothere.js"))
+    assert_match(/import "\.\/nothere.js"/, compiled)
+    compiled = compile_asset_with_content(%(import * from "./nothere.js"))
+    assert_match(/import \* from "\.\/nothere.js"/, compiled)
+    compiled = compile_asset_with_content(%(export * from "./nothere.js"))
+    assert_match(/export \* from "\.\/nothere.js"/, compiled)
+    compiled = compile_asset_with_content(%(import("./nothere.js").then()))
+    assert_match(/import\("\.\/nothere.js"\).then\(\)/, compiled)
+  end
+
+  test "relative protocol url" do
+    compiled = compile_asset_with_content(%(import "//rubyonrails.org/assets/main.js"))
+    assert_match(/import "\/\/rubyonrails\.org\/assets\/main\.js"/, compiled)
+  end
+
+  private
+    def compile_asset_with_content(content)
+      root_path    = Pathname.new("#{__dir__}/../../fixtures/assets/vendor")
+      logical_path = "foobar/source/test.js"
+
+      asset     = Propshaft::Asset.new(root_path.join(logical_path), logical_path: logical_path)
+      asset.stub :content, content do
+        assembly = Propshaft::Assembly.new(@options)
+        assembly.compilers.register "text/javascript", Propshaft::Compiler::JsImportUrls
+        assembly.compilers.compile(asset)
+      end
+    end
+end