diff --git a/package-lock.json b/package-lock.json
index 1a9c69d9e6..f2f7a5c1ee 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -23,6 +23,9 @@
         "packages/validator-ajv8",
         "packages/snapshot-tests"
       ],
+      "dependencies": {
+        "fast-equals": "^5.0.1"
+      },
       "devDependencies": {
         "@babel/eslint-parser": "^7.23.10",
         "@nrwl/nx-cloud": "^15.3.5",
@@ -16570,6 +16573,15 @@
       "integrity": "sha512-VxPP4NqbUjj6MaAOafWeUn2cXWLcCtljklUtZf0Ind4XQ+QPtmA0b18zZy0jIQx+ExRVCR/ZQpBmik5lXshNsw==",
       "dev": true
     },
+    "node_modules/fast-equals": {
+      "version": "5.0.1",
+      "resolved": "https://registry.npmjs.org/fast-equals/-/fast-equals-5.0.1.tgz",
+      "integrity": "sha512-WF1Wi8PwwSY7/6Kx0vKXtw8RwuSGoM1bvDaJbu7MxDlR1vovZjIAKrnzyrThgAjm6JDTu0fVgWXDlMGspodfoQ==",
+      "license": "MIT",
+      "engines": {
+        "node": ">=6.0.0"
+      }
+    },
     "node_modules/fast-glob": {
       "version": "3.3.2",
       "resolved": "https://registry.npmjs.org/fast-glob/-/fast-glob-3.3.2.tgz",
diff --git a/package.json b/package.json
index 5852ea996c..ae92ea4c50 100644
--- a/package.json
+++ b/package.json
@@ -80,5 +80,8 @@
     "packages/validator-ajv8",
     "packages/snapshot-tests"
   ],
-  "packageManager": "yarn@1.22.22+sha512.a6b2f7906b721bba3d67d4aff083df04dad64c399707841b7acf00f6b133b7ac24255f2652fa22ae3534329dc6180534e98d17432037ff6fd140556e2bb3137e"
+  "packageManager": "yarn@1.22.22+sha512.a6b2f7906b721bba3d67d4aff083df04dad64c399707841b7acf00f6b133b7ac24255f2652fa22ae3534329dc6180534e98d17432037ff6fd140556e2bb3137e",
+  "dependencies": {
+    "fast-equals": "^5.0.1"
+  }
 }
diff --git a/packages/core/src/components/Form.tsx b/packages/core/src/components/Form.tsx
index a83a629d8f..44758a4b9f 100644
--- a/packages/core/src/components/Form.tsx
+++ b/packages/core/src/components/Form.tsx
@@ -39,7 +39,6 @@ import _get from 'lodash/get';
 import _isEmpty from 'lodash/isEmpty';
 import _pick from 'lodash/pick';
 import _toPath from 'lodash/toPath';
-import fastDeepEqual from 'fast-deep-equal';
 
 import getDefaultRegistry from '../getDefaultRegistry';
 
@@ -283,7 +282,7 @@ export default class Form<
     }
 
     this.state = this.getStateFromProps(props, props.formData);
-    if (this.props.onChange && !fastDeepEqual(this.state.formData, this.props.formData)) {
+    if (this.props.onChange && !deepEquals(this.state.formData, this.props.formData)) {
       this.props.onChange(this.state);
     }
     this.formElement = createRef();
@@ -316,8 +315,8 @@ export default class Form<
         shouldUpdate: false;
       } {
     if (!deepEquals(this.props, prevProps)) {
-      const isSchemaChanged = !fastDeepEqual(prevProps.schema, this.props.schema);
-      const isFormDataChanged = !fastDeepEqual(prevProps.formData, this.props.formData);
+      const isSchemaChanged = !deepEquals(prevProps.schema, this.props.schema);
+      const isFormDataChanged = !deepEquals(prevProps.formData, this.props.formData);
       const nextState = this.getStateFromProps(
         this.props,
         this.props.formData,
@@ -361,8 +360,8 @@ export default class Form<
       const { nextState } = snapshot;
 
       if (
-        !fastDeepEqual(nextState.formData, this.props.formData) &&
-        !fastDeepEqual(nextState.formData, prevState.formData) &&
+        !deepEquals(nextState.formData, this.props.formData) &&
+        !deepEquals(nextState.formData, prevState.formData) &&
         this.props.onChange
       ) {
         this.props.onChange(nextState);
diff --git a/packages/core/src/components/fields/MultiSchemaField.tsx b/packages/core/src/components/fields/MultiSchemaField.tsx
index 845d45f010..c58b080424 100644
--- a/packages/core/src/components/fields/MultiSchemaField.tsx
+++ b/packages/core/src/components/fields/MultiSchemaField.tsx
@@ -4,6 +4,7 @@ import isEmpty from 'lodash/isEmpty';
 import omit from 'lodash/omit';
 import {
   ANY_OF_KEY,
+  deepEquals,
   ERRORS_KEY,
   FieldProps,
   FormContextType,
@@ -17,7 +18,6 @@ import {
   TranslatableString,
   UiSchema,
 } from '@rjsf/utils';
-import fastDeepEqual from 'fast-deep-equal';
 
 /** Type used for the state of the `AnyOfField` component */
 type AnyOfFieldState<S extends StrictRJSFSchema = RJSFSchema> = {
@@ -67,7 +67,7 @@ class AnyOfField<T = any, S extends StrictRJSFSchema = RJSFSchema, F extends For
     const { formData, options, idSchema } = this.props;
     const { selectedOption } = this.state;
     let newState = this.state;
-    if (!fastDeepEqual(prevProps.options, options)) {
+    if (!deepEquals(prevProps.options, options)) {
       const {
         registry: { schemaUtils },
       } = this.props;
@@ -75,7 +75,7 @@ class AnyOfField<T = any, S extends StrictRJSFSchema = RJSFSchema, F extends For
       const retrievedOptions = options.map((opt: S) => schemaUtils.retrieveSchema(opt, formData));
       newState = { selectedOption, retrievedOptions };
     }
-    if (!fastDeepEqual(formData, prevProps.formData) && idSchema.$id === prevProps.idSchema.$id) {
+    if (!deepEquals(formData, prevProps.formData) && idSchema.$id === prevProps.idSchema.$id) {
       const { retrievedOptions } = newState;
       const matchingOption = this.getMatchingOption(selectedOption, formData, retrievedOptions);
 
diff --git a/packages/utils/src/createSchemaUtils.ts b/packages/utils/src/createSchemaUtils.ts
index 6045efe250..068423779c 100644
--- a/packages/utils/src/createSchemaUtils.ts
+++ b/packages/utils/src/createSchemaUtils.ts
@@ -1,5 +1,3 @@
-import fastDeepEqual from 'fast-deep-equal';
-
 import {
   ErrorSchema,
   Experimental_DefaultFormStateBehavior,
@@ -29,6 +27,7 @@ import {
   toIdSchema,
   toPathSchema,
 } from './schema';
+import deepEquals from './deepEquals';
 
 /** The `SchemaUtils` class provides a wrapper around the publicly exported APIs in the `utils/schema` directory such
  * that one does not have to explicitly pass the `validator`, `rootSchema`, or `experimental_defaultFormStateBehavior` to each method.
@@ -85,8 +84,8 @@ class SchemaUtils<T = any, S extends StrictRJSFSchema = RJSFSchema, F extends Fo
     }
     return (
       this.validator !== validator ||
-      !fastDeepEqual(this.rootSchema, rootSchema) ||
-      !fastDeepEqual(this.experimental_defaultFormStateBehavior, experimental_defaultFormStateBehavior)
+      !deepEquals(this.rootSchema, rootSchema) ||
+      !deepEquals(this.experimental_defaultFormStateBehavior, experimental_defaultFormStateBehavior)
     );
   }
 
diff --git a/packages/utils/src/deepEquals.ts b/packages/utils/src/deepEquals.ts
index 2e2538848e..158700e2b7 100644
--- a/packages/utils/src/deepEquals.ts
+++ b/packages/utils/src/deepEquals.ts
@@ -1,4 +1,22 @@
-import isEqualWith from 'lodash/isEqualWith';
+import { createCustomEqual, State } from 'fast-equals';
+
+function isFunctions(a: any, b: any) {
+  return typeof a === 'function' && typeof b === 'function';
+}
+
+const customDeepEqual = createCustomEqual({
+  createInternalComparator: (comparator: (a: any, b: any, state: State<any>) => boolean) => {
+    return (a: any, b: any, _idxA: any, _idxB: any, _parentA: any, _parentB: any, state: State<any>) => {
+      if (isFunctions(a, b)) {
+        // Assume all functions are equivalent
+        // see https://github.com/rjsf-team/react-jsonschema-form/issues/255
+        return true;
+      }
+
+      return comparator(a, b, state);
+    };
+  },
+});
 
 /** Implements a deep equals using the `lodash.isEqualWith` function, that provides a customized comparator that
  * assumes all functions are equivalent.
@@ -8,12 +26,8 @@ import isEqualWith from 'lodash/isEqualWith';
  * @returns - True if the `a` and `b` are deeply equal, false otherwise
  */
 export default function deepEquals(a: any, b: any): boolean {
-  return isEqualWith(a, b, (obj: any, other: any) => {
-    if (typeof obj === 'function' && typeof other === 'function') {
-      // Assume all functions are equivalent
-      // see https://github.com/rjsf-team/react-jsonschema-form/issues/255
-      return true;
-    }
-    return undefined; // fallback to default isEquals behavior
-  });
+  if (isFunctions(a, b)) {
+    return true;
+  }
+  return customDeepEqual(a, b);
 }
diff --git a/packages/utils/src/enumOptionsDeselectValue.ts b/packages/utils/src/enumOptionsDeselectValue.ts
index 1cabb53ccc..88384321e5 100644
--- a/packages/utils/src/enumOptionsDeselectValue.ts
+++ b/packages/utils/src/enumOptionsDeselectValue.ts
@@ -1,7 +1,6 @@
-import fastDeepEqual from 'fast-deep-equal';
-
 import { EnumOptionsType, RJSFSchema, StrictRJSFSchema } from './types';
 import enumOptionsValueForIndex from './enumOptionsValueForIndex';
+import deepEquals from './deepEquals';
 
 /** Removes the enum option value at the `valueIndex` from the currently `selected` (list of) value(s). If `selected` is
  * a list, then that list is updated to remove the enum option value with the `valueIndex` in `allEnumOptions`. If it is
@@ -22,7 +21,7 @@ export default function enumOptionsDeselectValue<S extends StrictRJSFSchema = RJ
 ): EnumOptionsType<S>['value'] | EnumOptionsType<S>['value'][] | undefined {
   const value = enumOptionsValueForIndex<S>(valueIndex, allEnumOptions);
   if (Array.isArray(selected)) {
-    return selected.filter((v) => !fastDeepEqual(v, value));
+    return selected.filter((v) => !deepEquals(v, value));
   }
-  return fastDeepEqual(value, selected) ? undefined : selected;
+  return deepEquals(value, selected) ? undefined : selected;
 }
diff --git a/packages/utils/src/enumOptionsIsSelected.ts b/packages/utils/src/enumOptionsIsSelected.ts
index c5d33ade12..e7c782bade 100644
--- a/packages/utils/src/enumOptionsIsSelected.ts
+++ b/packages/utils/src/enumOptionsIsSelected.ts
@@ -1,5 +1,4 @@
-import fastDeepEqual from 'fast-deep-equal';
-
+import deepEquals from './deepEquals';
 import { EnumOptionsType, RJSFSchema, StrictRJSFSchema } from './types';
 
 /** Determines whether the given `value` is (one of) the `selected` value(s).
@@ -13,7 +12,7 @@ export default function enumOptionsIsSelected<S extends StrictRJSFSchema = RJSFS
   selected: EnumOptionsType<S>['value'] | EnumOptionsType<S>['value'][]
 ) {
   if (Array.isArray(selected)) {
-    return selected.some((sel) => fastDeepEqual(sel, value));
+    return selected.some((sel) => deepEquals(sel, value));
   }
-  return fastDeepEqual(selected, value);
+  return deepEquals(selected, value);
 }
diff --git a/packages/utils/src/parser/ParserValidator.ts b/packages/utils/src/parser/ParserValidator.ts
index fd3b513d40..d6411a85f7 100644
--- a/packages/utils/src/parser/ParserValidator.ts
+++ b/packages/utils/src/parser/ParserValidator.ts
@@ -1,5 +1,4 @@
 import get from 'lodash/get';
-import fastDeepEqual from 'fast-deep-equal';
 
 import { ID_KEY } from '../constants';
 import hashForSchema from '../hashForSchema';
@@ -15,6 +14,7 @@ import {
   ValidationData,
   ValidatorType,
 } from '../types';
+import deepEquals from '../deepEquals';
 
 /** The type of the map of schema hash to schema
  */
@@ -67,7 +67,7 @@ export default class ParserValidator<T = any, S extends StrictRJSFSchema = RJSFS
     const existing = this.schemaMap[key];
     if (!existing) {
       this.schemaMap[key] = identifiedSchema;
-    } else if (!fastDeepEqual(existing, identifiedSchema)) {
+    } else if (!deepEquals(existing, identifiedSchema)) {
       console.error('existing schema:', JSON.stringify(existing, null, 2));
       console.error('new schema:', JSON.stringify(identifiedSchema, null, 2));
       throw new Error(
@@ -91,7 +91,7 @@ export default class ParserValidator<T = any, S extends StrictRJSFSchema = RJSFS
    * @throws - Error when the given `rootSchema` differs from the root schema provided during construction
    */
   isValid(schema: S, _formData: T, rootSchema: S): boolean {
-    if (!fastDeepEqual(rootSchema, this.rootSchema)) {
+    if (!deepEquals(rootSchema, this.rootSchema)) {
       throw new Error('Unexpectedly calling isValid() with a rootSchema that differs from the construction rootSchema');
     }
     this.addSchema(schema, hashForSchema<S>(schema));
diff --git a/packages/utils/src/parser/schemaParser.ts b/packages/utils/src/parser/schemaParser.ts
index 2514a482f3..f7e8ffa538 100644
--- a/packages/utils/src/parser/schemaParser.ts
+++ b/packages/utils/src/parser/schemaParser.ts
@@ -1,10 +1,10 @@
 import forEach from 'lodash/forEach';
-import fastDeepEqual from 'fast-deep-equal';
 
 import { FormContextType, RJSFSchema, StrictRJSFSchema } from '../types';
 import { ITEMS_KEY, PROPERTIES_KEY } from '../constants';
 import ParserValidator, { SchemaMap } from './ParserValidator';
 import { resolveAnyOrOneOfSchemas, retrieveSchemaInternal } from '../schema/retrieveSchema';
+import deepEquals from '../deepEquals';
 
 /** Recursive function used to parse the given `schema` belonging to the `rootSchema`. The `validator` is used to
  * capture the sub-schemas that the `isValid()` function is called with. For each schema returned by the
@@ -24,7 +24,7 @@ function parseSchema<T = any, S extends StrictRJSFSchema = RJSFSchema, F extends
 ) {
   const schemas = retrieveSchemaInternal<T, S, F>(validator, schema, rootSchema, undefined, true);
   schemas.forEach((schema) => {
-    const sameSchemaIndex = recurseList.findIndex((item) => fastDeepEqual(item, schema));
+    const sameSchemaIndex = recurseList.findIndex((item) => deepEquals(item, schema));
     if (sameSchemaIndex === -1) {
       recurseList.push(schema);
       const allOptions = resolveAnyOrOneOfSchemas<T, S, F>(validator, schema, rootSchema, true);
diff --git a/packages/utils/src/schema/retrieveSchema.ts b/packages/utils/src/schema/retrieveSchema.ts
index c74690b25c..7a66f47f56 100644
--- a/packages/utils/src/schema/retrieveSchema.ts
+++ b/packages/utils/src/schema/retrieveSchema.ts
@@ -1,5 +1,4 @@
 import get from 'lodash/get';
-import fastDeepEqual from 'fast-deep-equal';
 import set from 'lodash/set';
 import times from 'lodash/times';
 import transform from 'lodash/transform';
@@ -27,6 +26,7 @@ import isObject from '../isObject';
 import mergeSchemas from '../mergeSchemas';
 import { FormContextType, GenericObjectType, RJSFSchema, StrictRJSFSchema, ValidatorType } from '../types';
 import getFirstMatchingOption from './getFirstMatchingOption';
+import deepEquals from '../deepEquals';
 
 /** Retrieves an expanded schema that has had all of its conditions, additional properties, references and dependencies
  * resolved and merged into the `schema` given a `validator`, `rootSchema` and `rawFormData` that is used to do the
@@ -296,7 +296,7 @@ export function resolveAllReferences<S extends StrictRJSFSchema = RJSFSchema>(
     };
   }
 
-  return fastDeepEqual(schema, resolvedSchema) ? schema : resolvedSchema;
+  return deepEquals(schema, resolvedSchema) ? schema : resolvedSchema;
 }
 
 /** Creates new 'properties' items for each key in the `formData`
diff --git a/packages/utils/src/schema/toIdSchema.ts b/packages/utils/src/schema/toIdSchema.ts
index c18724ce84..eaeb8dd5f7 100644
--- a/packages/utils/src/schema/toIdSchema.ts
+++ b/packages/utils/src/schema/toIdSchema.ts
@@ -1,11 +1,11 @@
 import get from 'lodash/get';
-import fastDeepEqual from 'fast-deep-equal';
 
 import { ALL_OF_KEY, DEPENDENCIES_KEY, ID_KEY, ITEMS_KEY, PROPERTIES_KEY, REF_KEY } from '../constants';
 import isObject from '../isObject';
 import { FormContextType, GenericObjectType, IdSchema, RJSFSchema, StrictRJSFSchema, ValidatorType } from '../types';
 import retrieveSchema from './retrieveSchema';
 import getSchemaType from '../getSchemaType';
+import deepEquals from '../deepEquals';
 
 /** An internal helper that generates an `IdSchema` object for the `schema`, recursively with protection against
  * infinite recursion
@@ -32,7 +32,7 @@ function toIdSchemaInternal<T = any, S extends StrictRJSFSchema = RJSFSchema, F
 ): IdSchema<T> {
   if (REF_KEY in schema || DEPENDENCIES_KEY in schema || ALL_OF_KEY in schema) {
     const _schema = retrieveSchema<T, S, F>(validator, schema, rootSchema, formData);
-    const sameSchemaIndex = _recurseList.findIndex((item) => fastDeepEqual(item, _schema));
+    const sameSchemaIndex = _recurseList.findIndex((item) => deepEquals(item, _schema));
     if (sameSchemaIndex === -1) {
       return toIdSchemaInternal<T, S, F>(
         validator,
diff --git a/packages/utils/src/schema/toPathSchema.ts b/packages/utils/src/schema/toPathSchema.ts
index 720e73683c..a33ee03c7a 100644
--- a/packages/utils/src/schema/toPathSchema.ts
+++ b/packages/utils/src/schema/toPathSchema.ts
@@ -1,5 +1,4 @@
 import get from 'lodash/get';
-import fastDeepEqual from 'fast-deep-equal';
 import set from 'lodash/set';
 
 import {
@@ -18,6 +17,7 @@ import getDiscriminatorFieldFromSchema from '../getDiscriminatorFieldFromSchema'
 import { FormContextType, GenericObjectType, PathSchema, RJSFSchema, StrictRJSFSchema, ValidatorType } from '../types';
 import getClosestMatchingOption from './getClosestMatchingOption';
 import retrieveSchema from './retrieveSchema';
+import deepEquals from '../deepEquals';
 
 /** An internal helper that generates an `PathSchema` object for the `schema`, recursively with protection against
  * infinite recursion
@@ -40,7 +40,7 @@ function toPathSchemaInternal<T = any, S extends StrictRJSFSchema = RJSFSchema,
 ): PathSchema<T> {
   if (REF_KEY in schema || DEPENDENCIES_KEY in schema || ALL_OF_KEY in schema) {
     const _schema = retrieveSchema<T, S, F>(validator, schema, rootSchema, formData);
-    const sameSchemaIndex = _recurseList.findIndex((item) => fastDeepEqual(item, _schema));
+    const sameSchemaIndex = _recurseList.findIndex((item) => deepEquals(item, _schema));
     if (sameSchemaIndex === -1) {
       return toPathSchemaInternal<T, S, F>(
         validator,
diff --git a/packages/validator-ajv6/src/validator.ts b/packages/validator-ajv6/src/validator.ts
index 7ac3ccda40..79c221a246 100644
--- a/packages/validator-ajv6/src/validator.ts
+++ b/packages/validator-ajv6/src/validator.ts
@@ -2,6 +2,7 @@ import { Ajv, ErrorObject } from 'ajv';
 import {
   createErrorHandler,
   CustomValidator,
+  deepEquals,
   ErrorSchema,
   ErrorTransformer,
   FormContextType,
@@ -19,7 +20,6 @@ import {
   ValidatorType,
   withIdRefPrefix,
 } from '@rjsf/utils';
-import fastDeepEqual from 'fast-deep-equal';
 
 import { CustomValidatorOptionsType } from './types';
 import createAjvInstance from './createAjvInstance';
@@ -170,7 +170,7 @@ export default class AJV6Validator<T = any, S extends StrictRJSFSchema = RJSFSch
     // else 'handleRootSchemaChange' should be called if the root schema changes so we don't have to remove and recompile the schema every run.
     if (this.ajv.getSchema(ROOT_SCHEMA_PREFIX) === undefined) {
       this.ajv.addSchema(rootSchema, ROOT_SCHEMA_PREFIX);
-    } else if (!fastDeepEqual(rootSchema, this.ajv.getSchema(ROOT_SCHEMA_PREFIX)?.schema)) {
+    } else if (!deepEquals(rootSchema, this.ajv.getSchema(ROOT_SCHEMA_PREFIX)?.schema)) {
       this.ajv.removeSchema(rootSchemaId);
       this.ajv.addSchema(rootSchema, rootSchemaId);
     }
diff --git a/packages/validator-ajv8/src/precompiledValidator.ts b/packages/validator-ajv8/src/precompiledValidator.ts
index 53f4299ded..648d52d274 100644
--- a/packages/validator-ajv8/src/precompiledValidator.ts
+++ b/packages/validator-ajv8/src/precompiledValidator.ts
@@ -1,8 +1,8 @@
 import { ErrorObject } from 'ajv';
 import get from 'lodash/get';
-import fastDeepEqual from 'fast-deep-equal';
 import {
   CustomValidator,
+  deepEquals,
   ErrorSchema,
   ErrorTransformer,
   FormContextType,
@@ -92,10 +92,10 @@ export default class AJV8PrecompiledValidator<
    * @param [formData] - The form data to validate if any
    */
   ensureSameRootSchema(schema: S, formData?: T) {
-    if (!fastDeepEqual(schema, this.rootSchema)) {
+    if (!deepEquals(schema, this.rootSchema)) {
       // Resolve the root schema with the passed in form data since that may affect the resolution
       const resolvedRootSchema = retrieveSchema(this, this.rootSchema, this.rootSchema, formData);
-      if (!fastDeepEqual(schema, resolvedRootSchema)) {
+      if (!deepEquals(schema, resolvedRootSchema)) {
         throw new Error(
           'The schema associated with the precompiled validator differs from the rootSchema provided for validation'
         );
diff --git a/packages/validator-ajv8/src/validator.ts b/packages/validator-ajv8/src/validator.ts
index 5955e07210..8cd7506ad2 100644
--- a/packages/validator-ajv8/src/validator.ts
+++ b/packages/validator-ajv8/src/validator.ts
@@ -1,6 +1,7 @@
 import Ajv, { ErrorObject, ValidateFunction } from 'ajv';
 import {
   CustomValidator,
+  deepEquals,
   ErrorSchema,
   ErrorTransformer,
   FormContextType,
@@ -15,7 +16,6 @@ import {
   ValidatorType,
   withIdRefPrefix,
 } from '@rjsf/utils';
-import fastDeepEqual from 'fast-deep-equal';
 
 import { CustomValidatorOptionsType, Localizer } from './types';
 import createAjvInstance from './createAjvInstance';
@@ -137,7 +137,7 @@ export default class AJV8Validator<T = any, S extends StrictRJSFSchema = RJSFSch
     // else if the root schemas don't match, we should remove and add the root schema so we don't have to remove and recompile the schema every run.
     if (this.ajv.getSchema(rootSchemaId) === undefined) {
       this.ajv.addSchema(rootSchema, rootSchemaId);
-    } else if (!fastDeepEqual(rootSchema, this.ajv.getSchema(rootSchemaId)?.schema)) {
+    } else if (!deepEquals(rootSchema, this.ajv.getSchema(rootSchemaId)?.schema)) {
       this.ajv.removeSchema(rootSchemaId);
       this.ajv.addSchema(rootSchema, rootSchemaId);
     }