diff --git a/packages/eslint-plugin-react-hooks/__tests__/ESLintRuleExhaustiveDeps-test.js b/packages/eslint-plugin-react-hooks/__tests__/ESLintRuleExhaustiveDeps-test.js
index fc343705a6922..2de2daa85d656 100644
--- a/packages/eslint-plugin-react-hooks/__tests__/ESLintRuleExhaustiveDeps-test.js
+++ b/packages/eslint-plugin-react-hooks/__tests__/ESLintRuleExhaustiveDeps-test.js
@@ -7635,15 +7635,53 @@ if (__EXPERIMENTAL__) {
     ...tests.valid,
     {
       code: normalizeIndent`
-      function MyComponent({ theme }) {
-        const onStuff = useEvent(() => {
-          showNotification(theme);
-        });
-        useEffect(() => {
-          onStuff();
-        }, []);
-      }
-    `,
+        function MyComponent({ theme }) {
+          const onStuff = useEvent(() => {
+            showNotification(theme);
+          });
+          useEffect(() => {
+            onStuff();
+          }, []);
+        }
+      `,
+    },
+  ];
+
+  tests.invalid = [
+    ...tests.invalid,
+    {
+      code: normalizeIndent`
+        function MyComponent({ theme }) {
+          const onStuff = useEvent(() => {
+            showNotification(theme);
+          });
+          useEffect(() => {
+            onStuff();
+          }, [onStuff]);
+        }
+      `,
+      errors: [
+        {
+          message:
+            'Functions returned from `useEvent` must not be included in the dependency array. ' +
+            'Remove `onStuff` from the list.',
+          suggestions: [
+            {
+              desc: 'Remove the dependency `onStuff`',
+              output: normalizeIndent`
+                function MyComponent({ theme }) {
+                  const onStuff = useEvent(() => {
+                    showNotification(theme);
+                  });
+                  useEffect(() => {
+                    onStuff();
+                  }, []);
+                }
+              `,
+            },
+          ],
+        },
+      ],
     },
   ];
 }
diff --git a/packages/eslint-plugin-react-hooks/src/ExhaustiveDeps.js b/packages/eslint-plugin-react-hooks/src/ExhaustiveDeps.js
index 6f99e6ef4369e..0885d268367f8 100644
--- a/packages/eslint-plugin-react-hooks/src/ExhaustiveDeps.js
+++ b/packages/eslint-plugin-react-hooks/src/ExhaustiveDeps.js
@@ -74,6 +74,7 @@ export default {
     const stateVariables = new WeakSet();
     const stableKnownValueCache = new WeakMap();
     const functionWithoutCapturedValueCache = new WeakMap();
+    const useEventVariables = new WeakSet();
     function memoizeWithWeakMap(fn, map) {
       return function(arg) {
         if (map.has(arg)) {
@@ -226,7 +227,12 @@ export default {
           // useRef() return value is stable.
           return true;
         } else if (isUseEventIdentifier(callee) && id.type === 'Identifier') {
-          // useEvent() return value is stable.
+          for (const ref of resolved.references) {
+            if (ref !== id) {
+              useEventVariables.add(ref.identifier);
+            }
+          }
+          // useEvent() return value is always unstable.
           return true;
         } else if (name === 'useState' || name === 'useReducer') {
           // Only consider second value in initializing tuple stable.
@@ -639,6 +645,26 @@ export default {
             });
             return;
           }
+          if (useEventVariables.has(declaredDependencyNode)) {
+            reportProblem({
+              node: declaredDependencyNode,
+              message:
+                'Functions returned from `useEvent` must not be included in the dependency array. ' +
+                `Remove \`${context.getSource(
+                  declaredDependencyNode,
+                )}\` from the list.`,
+              suggest: [
+                {
+                  desc: `Remove the dependency \`${context.getSource(
+                    declaredDependencyNode,
+                  )}\``,
+                  fix(fixer) {
+                    return fixer.removeRange(declaredDependencyNode.range);
+                  },
+                },
+              ],
+            });
+          }
           // Try to normalize the declared dependency. If we can't then an error
           // will be thrown. We will catch that error and report an error.
           let declaredDependency;