diff --git a/lib/internal/modules/cjs/loader.js b/lib/internal/modules/cjs/loader.js
index e5b47d8874aeb7..8b7291dd93192e 100644
--- a/lib/internal/modules/cjs/loader.js
+++ b/lib/internal/modules/cjs/loader.js
@@ -248,6 +248,18 @@ function reportModuleNotFoundToWatchMode(basePath, extensions) {
   }
 }
 
+const kPaths = Symbol('kPaths');
+const lazyPathsGetter = {
+  __proto__: null,
+  enumerable: true,
+  get() { return this[kPaths] ?? Module._nodeModulePaths(this.path); },
+  set(v) {
+    // We set paths directly in various places.
+    this[kPaths] = v;
+  },
+};
+
+
 /** @type {Map<Module, Module>} */
 const moduleParentCache = new SafeWeakMap();
 /**
@@ -265,6 +277,11 @@ function Module(id = '', parent) {
   this.loaded = false;
   this.children = [];
   let redirects;
+
+  // Lazily compute paths to save on memory. Defined as an own-property for
+  // backwards compatibility reasons.
+  ObjectDefineProperty(this, 'paths', lazyPathsGetter);
+
   const manifest = policy()?.manifest;
   if (manifest) {
     const moduleURL = pathToFileURL(id);
@@ -856,9 +873,10 @@ Module._resolveLookupPaths = function(request, parent) {
 
     /** @type {string[]} */
     let paths;
-    if (parent?.paths?.length) {
+    const parentPaths = parent?.paths;
+    if (parentPaths?.length) {
       paths = ArrayPrototypeSlice(modulePaths);
-      ArrayPrototypeUnshiftApply(paths, parent.paths);
+      ArrayPrototypeUnshiftApply(paths, parentPaths);
     } else {
       paths = modulePaths;
     }
@@ -1083,7 +1101,7 @@ Module._resolveFilename = function(request, parent, isMain, options) {
 
         for (let i = 0; i < options.paths.length; i++) {
           const path = options.paths[i];
-          fakeParent.paths = Module._nodeModulePaths(path);
+          fakeParent.path = path;
           const lookupPaths = Module._resolveLookupPaths(request, fakeParent);
 
           for (let j = 0; j < lookupPaths.length; j++) {
@@ -1201,7 +1219,6 @@ Module.prototype.load = function(filename) {
 
   assert(!this.loaded);
   this.filename = filename;
-  this.paths = Module._nodeModulePaths(path.dirname(filename));
 
   const extension = findLongestRegisteredExtension(filename);
   // allow .mjs to be overridden
@@ -1492,7 +1509,6 @@ function createRequireFromPath(filename) {
   const m = new Module(proxyPath);
   m.filename = proxyPath;
 
-  m.paths = Module._nodeModulePaths(m.path);
   return makeRequireFunction(m, null);
 }
 
@@ -1579,6 +1595,7 @@ Module._preloadModules = function(requests) {
       isPreloading = false;
       throw e;
     }
+    parent.paths = [];
   }
   for (let n = 0; n < requests.length; n++) {
     internalRequire(parent, requests[n]);
diff --git a/lib/internal/modules/esm/resolve.js b/lib/internal/modules/esm/resolve.js
index 54cdbe8e6175ad..cd68670493c761 100644
--- a/lib/internal/modules/esm/resolve.js
+++ b/lib/internal/modules/esm/resolve.js
@@ -918,7 +918,6 @@ function resolveAsCommonJS(specifier, parentURL) {
   try {
     const parent = fileURLToPath(parentURL);
     const tmpModule = new CJSModule(parent, null);
-    tmpModule.paths = CJSModule._nodeModulePaths(parent);
 
     let found = CJSModule._resolveFilename(specifier, tmpModule, false);
 
diff --git a/lib/internal/modules/esm/translators.js b/lib/internal/modules/esm/translators.js
index 4ecf862be9ea7b..e284a08795de65 100644
--- a/lib/internal/modules/esm/translators.js
+++ b/lib/internal/modules/esm/translators.js
@@ -391,7 +391,6 @@ function cjsPreparseModuleExports(filename, source) {
   if (!loaded) {
     module = new CJSModule(filename);
     module.filename = filename;
-    module.paths = CJSModule._nodeModulePaths(module.path);
     CJSModule._cache[filename] = module;
   }
 
@@ -410,7 +409,6 @@ function cjsPreparseModuleExports(filename, source) {
 
   if (reexports.length) {
     module.filename = filename;
-    module.paths = CJSModule._nodeModulePaths(module.path);
     for (let i = 0; i < reexports.length; i++) {
       const reexport = reexports[i];
       let resolved;
diff --git a/lib/internal/util/embedding.js b/lib/internal/util/embedding.js
index be310f401ad115..745dab08099bcf 100644
--- a/lib/internal/util/embedding.js
+++ b/lib/internal/util/embedding.js
@@ -24,7 +24,6 @@ function embedderRunCjs(contents) {
 
   const customModule = new Module(filename, null);
   customModule.filename = filename;
-  customModule.paths = Module._nodeModulePaths(customModule.path);
 
   const customExports = customModule.exports;