diff --git a/packages/metro/src/DeltaBundler/Serializers/baseJSBundle.js b/packages/metro/src/DeltaBundler/Serializers/baseJSBundle.js
index f7946959db..07c616b4c5 100644
--- a/packages/metro/src/DeltaBundler/Serializers/baseJSBundle.js
+++ b/packages/metro/src/DeltaBundler/Serializers/baseJSBundle.js
@@ -39,6 +39,7 @@ function baseJSBundle(
     includeAsyncPaths: options.includeAsyncPaths,
     projectRoot: options.projectRoot,
     serverRoot: options.serverRoot,
+    sourceUrl: options.sourceUrl,
   };
 
   // Do not prepend polyfills or the require runtime when only modules are requested
diff --git a/packages/metro/src/DeltaBundler/Serializers/helpers/__tests__/js-test.js b/packages/metro/src/DeltaBundler/Serializers/helpers/__tests__/js-test.js
index 48d2d909d0..c6cdd4c576 100644
--- a/packages/metro/src/DeltaBundler/Serializers/helpers/__tests__/js-test.js
+++ b/packages/metro/src/DeltaBundler/Serializers/helpers/__tests__/js-test.js
@@ -68,6 +68,7 @@ describe('wrapModule()', () => {
           includeAsyncPaths: false,
           projectRoot: '/root',
           serverRoot: '/root',
+          sourceUrl: null,
         }),
       ),
     ).toMatchInlineSnapshot(`__d(function() { console.log("foo") },0,[1,2]);`);
@@ -82,6 +83,7 @@ describe('wrapModule()', () => {
           includeAsyncPaths: false,
           projectRoot: '/root',
           serverRoot: '/root',
+          sourceUrl: null,
         }),
       ),
     ).toMatchInlineSnapshot(
@@ -100,6 +102,7 @@ describe('wrapModule()', () => {
           includeAsyncPaths: false,
           projectRoot: '/root',
           serverRoot: '/root',
+          sourceUrl: null,
         }),
       ),
     ).toMatchInlineSnapshot(`__d(function() { console.log("foo") });`);
@@ -115,6 +118,7 @@ describe('wrapModule()', () => {
           includeAsyncPaths: false,
           projectRoot: '/root',
           serverRoot: '/root',
+          sourceUrl: null,
         }),
       ),
     ).toMatchInlineSnapshot(
@@ -136,10 +140,11 @@ describe('wrapModule()', () => {
           includeAsyncPaths: true,
           projectRoot: '/root',
           serverRoot: '/root',
+          sourceUrl: 'http://localhost/Main.bundle?param1=true&param2=1234',
         }),
       ),
     ).toMatchInlineSnapshot(
-      `__d(function() { console.log("foo") },0,{"0":1,"1":2,"paths":{"1":"../bar"}});`,
+      `__d(function() { console.log("foo") },0,{"0":1,"1":2,"paths":{"1":"/../bar.bundle?param1=true&param2=1234&modulesOnly=true&runModule=false"}});`,
     );
   });
 
@@ -157,10 +162,34 @@ describe('wrapModule()', () => {
           includeAsyncPaths: true,
           projectRoot: '/root',
           serverRoot: '/',
+          sourceUrl: 'http://localhost/Main.bundle?param1=true&param2=1234',
         }),
       ),
     ).toMatchInlineSnapshot(
-      `__d(function() { console.log("foo") },0,{"0":1,"1":2,"paths":{"1":"bar"}});`,
+      `__d(function() { console.log("foo") },0,{"0":1,"1":2,"paths":{"1":"/bar.bundle?param1=true&param2=1234&modulesOnly=true&runModule=false"}});`,
+    );
+  });
+
+  it('async bundle paths override modulesOnly and runModule', () => {
+    const dep = nullthrows(myModule.dependencies.get('bar'));
+    myModule.dependencies.set('bar', {
+      ...dep,
+      data: {...dep.data, data: {...dep.data.data, asyncType: 'async'}},
+    });
+    expect(
+      raw(
+        wrapModule(myModule, {
+          createModuleId: createModuleIdFactory(),
+          dev: false,
+          includeAsyncPaths: true,
+          projectRoot: '/root',
+          serverRoot: '/root',
+          sourceUrl:
+            'http://localhost/Main.bundle?modulesOnly=false&runModule=true',
+        }),
+      ),
+    ).toMatchInlineSnapshot(
+      `__d(function() { console.log("foo") },0,{"0":1,"1":2,"paths":{"1":"/../bar.bundle?modulesOnly=true&runModule=false"}});`,
     );
   });
 });
diff --git a/packages/metro/src/DeltaBundler/Serializers/helpers/js.js b/packages/metro/src/DeltaBundler/Serializers/helpers/js.js
index a2aec82834..c358356046 100644
--- a/packages/metro/src/DeltaBundler/Serializers/helpers/js.js
+++ b/packages/metro/src/DeltaBundler/Serializers/helpers/js.js
@@ -24,6 +24,7 @@ export type Options = $ReadOnly<{
   includeAsyncPaths: boolean,
   projectRoot: string,
   serverRoot: string,
+  sourceUrl: ?string,
   ...
 }>;
 
@@ -48,16 +49,33 @@ function getModuleParams(module: Module<>, options: Options): Array<mixed> {
       const id = options.createModuleId(dependency.absolutePath);
       if (options.includeAsyncPaths && dependency.data.data.asyncType != null) {
         hasPaths = true;
+        invariant(
+          options.sourceUrl != null,
+          'sourceUrl is required when includeAsyncPaths is true',
+        );
+
+        // TODO: Only include path if the target is not in the bundle
+
+        // Construct a server-relative URL for the split bundle, propagating
+        // most parameters from the main bundle's URL.
+
+        const {searchParams} = new URL(options.sourceUrl);
+        searchParams.set('modulesOnly', 'true');
+        searchParams.set('runModule', 'false');
+
         const bundlePath = path.relative(
           options.serverRoot,
           dependency.absolutePath,
         );
-        // TODO: Eventually this slicing should be asyncRequire's responsibility
-        // Strip the file extension
-        paths[id] = path.join(
-          path.dirname(bundlePath),
-          path.basename(bundlePath, path.extname(bundlePath)),
-        );
+        paths[id] =
+          '/' +
+          path.join(
+            path.dirname(bundlePath),
+            // Strip the file extension
+            path.basename(bundlePath, path.extname(bundlePath)),
+          ) +
+          '.bundle?' +
+          searchParams.toString();
       }
       return id;
     },
diff --git a/packages/metro/src/DeltaBundler/Serializers/helpers/processModules.js b/packages/metro/src/DeltaBundler/Serializers/helpers/processModules.js
index 52474df3f4..1318875ea6 100644
--- a/packages/metro/src/DeltaBundler/Serializers/helpers/processModules.js
+++ b/packages/metro/src/DeltaBundler/Serializers/helpers/processModules.js
@@ -24,6 +24,7 @@ function processModules(
     includeAsyncPaths,
     projectRoot,
     serverRoot,
+    sourceUrl,
   }: $ReadOnly<{
     filter?: (module: Module<>) => boolean,
     createModuleId: string => number,
@@ -31,6 +32,7 @@ function processModules(
     includeAsyncPaths: boolean,
     projectRoot: string,
     serverRoot: string,
+    sourceUrl: ?string,
   }>,
 ): $ReadOnlyArray<[Module<>, string]> {
   return [...modules]
@@ -44,6 +46,7 @@ function processModules(
         includeAsyncPaths,
         projectRoot,
         serverRoot,
+        sourceUrl,
       }),
     ]);
 }
diff --git a/packages/metro/src/DeltaBundler/Serializers/hmrJSBundle.js b/packages/metro/src/DeltaBundler/Serializers/hmrJSBundle.js
index 5250170a7b..95e602f80a 100644
--- a/packages/metro/src/DeltaBundler/Serializers/hmrJSBundle.js
+++ b/packages/metro/src/DeltaBundler/Serializers/hmrJSBundle.js
@@ -77,6 +77,7 @@ function prepareModule(
 ): string {
   const code = wrapModule(module, {
     ...options,
+    sourceUrl: url.format(options.clientUrl),
     dev: true,
   });
 
diff --git a/packages/metro/src/shared/types.flow.js b/packages/metro/src/shared/types.flow.js
index 0c901da846..0a9a410858 100644
--- a/packages/metro/src/shared/types.flow.js
+++ b/packages/metro/src/shared/types.flow.js
@@ -60,7 +60,6 @@ export type BundleOptions = {
   sourceUrl: ?string,
   createModuleIdFactory?: () => (path: string) => number,
   +unstable_transformProfile: TransformProfile,
-  ...
 };
 
 export type ResolverInputOptions = $ReadOnly<{