diff --git a/test/go_repo_transitive_deps/BUILD b/test/go_repo_transitive_deps/BUILD
new file mode 100644
index 00000000..4d123bd2
--- /dev/null
+++ b/test/go_repo_transitive_deps/BUILD
@@ -0,0 +1,7 @@
+subinclude("///shell//build_defs:shell", "//test/build_defs:e2e")
+
+please_repo_e2e_test(
+    name = "go_repo_transitive_deps_test",
+    plz_command = "plz test",
+    repo = "test_repo",
+)
diff --git a/test/go_repo_transitive_deps/test_repo/.plzconfig b/test/go_repo_transitive_deps/test_repo/.plzconfig
new file mode 100644
index 00000000..b1a9564d
--- /dev/null
+++ b/test/go_repo_transitive_deps/test_repo/.plzconfig
@@ -0,0 +1,14 @@
+[Parse]
+BuildFileName = BUILD_FILE
+BuildFileName = BUILD
+
+[Plugin "go"]
+Target = //plugins:go
+PleaseGoTool = <pleasegotool>
+GoTool = <gotool>
+FeatureFlags = go_get
+Stdlib = //third_party/go:std
+Modfile = //third_party/go:modfile
+
+[FeatureFlags]
+ExcludeGoRules = true
diff --git a/test/go_repo_transitive_deps/test_repo/BUILD_FILE b/test/go_repo_transitive_deps/test_repo/BUILD_FILE
new file mode 100644
index 00000000..6c77ceee
--- /dev/null
+++ b/test/go_repo_transitive_deps/test_repo/BUILD_FILE
@@ -0,0 +1,7 @@
+subinclude("///go//build_defs:go")
+
+go_test(
+    name = "go_repo_transitive_deps_test",
+    srcs = ["go_repo_transitive_deps_test.go"],
+    deps = ["//third_party/go:testify"],
+)
\ No newline at end of file
diff --git a/test/go_repo_transitive_deps/test_repo/go_repo_transitive_deps_test.go b/test/go_repo_transitive_deps/test_repo/go_repo_transitive_deps_test.go
new file mode 100644
index 00000000..be07ac35
--- /dev/null
+++ b/test/go_repo_transitive_deps/test_repo/go_repo_transitive_deps_test.go
@@ -0,0 +1,16 @@
+package test_repo
+
+// Testify has a dependency on github.com/pmezard/go-difflib which we DON'T
+// have in our go.mod file but testify does.
+// The test ensures that go_please generate considers both the host and the
+// module go.mod and correctly generates the dependencies for the subrepo.
+
+import (
+	"testing"
+
+	"github.com/stretchr/testify/assert"
+)
+
+func TestAssertImportable(t *testing.T) {
+	assert.True(t, true)
+}
diff --git a/test/go_repo_transitive_deps/test_repo/plugins/BUILD_FILE b/test/go_repo_transitive_deps/test_repo/plugins/BUILD_FILE
new file mode 100644
index 00000000..f197577d
--- /dev/null
+++ b/test/go_repo_transitive_deps/test_repo/plugins/BUILD_FILE
@@ -0,0 +1,4 @@
+plugin_repo(
+    name = "go",
+    revision = "master",
+)
\ No newline at end of file
diff --git a/test/go_repo_transitive_deps/test_repo/third_party/go/BUILD_FILE b/test/go_repo_transitive_deps/test_repo/third_party/go/BUILD_FILE
new file mode 100644
index 00000000..c2c9fe7b
--- /dev/null
+++ b/test/go_repo_transitive_deps/test_repo/third_party/go/BUILD_FILE
@@ -0,0 +1,42 @@
+subinclude("///go//build_defs:go")
+
+filegroup(
+    name = "modfile",
+    srcs = ["go.mod"],
+)
+
+go_stdlib(
+    name = "std",
+)
+
+go_repo(
+    name = "testify",
+    licences = ["MIT"],
+    module = "github.com/stretchr/testify",
+    install = ["..."],
+    version = "v1.7.0",
+)
+
+go_repo(
+    licences = ["MIT"],
+    module = "github.com/stretchr/objx",
+    version = "v0.5.0",
+)
+
+go_repo(
+    licences = ["BSD-3-Clause"],
+    module = "github.com/pmezard/go-difflib",
+    version = "v1.0.0",
+)
+
+go_repo(
+    licences = ["ISC"],
+    module = "github.com/davecgh/go-spew",
+    version = "v1.1.1",
+)
+
+go_repo(
+    licences = ["MIT"],    
+    module = "gopkg.in/yaml.v3",
+    version = "v3.0.0-20210107192922-496545a6307b",
+)
diff --git a/test/go_repo_transitive_deps/test_repo/third_party/go/go.mod b/test/go_repo_transitive_deps/test_repo/third_party/go/go.mod
new file mode 100644
index 00000000..7491f7ff
--- /dev/null
+++ b/test/go_repo_transitive_deps/test_repo/third_party/go/go.mod
@@ -0,0 +1,10 @@
+module gorepotransitivedeps
+
+go 1.21
+
+require (
+    // For this test to work this go.mod should only ever list "testify" as a dependency.
+    // The point of the test is to ensure that the go.mod of "testify" (or any third-party)
+    // itself is used as part of dependency resolving.
+    github.com/stretchr/testify v1.8.4
+)
diff --git a/tools/please_go/BUILD b/tools/please_go/BUILD
index 0013204f..6f386ab8 100644
--- a/tools/please_go/BUILD
+++ b/tools/please_go/BUILD
@@ -42,6 +42,7 @@ genrule(
         "//tools/please_go/embed:srcs",
         "//tools/please_go/filter:srcs",
         "//tools/please_go/generate:srcs",
+        "//tools/please_go/generate/gomoddeps:srcs",
         "//tools/please_go/goget:srcs",
         "//tools/please_go/install:srcs",
         "//tools/please_go/install/exec:srcs",
diff --git a/tools/please_go/ChangeLog b/tools/please_go/ChangeLog
index b180d139..bcc376d1 100644
--- a/tools/please_go/ChangeLog
+++ b/tools/please_go/ChangeLog
@@ -1,3 +1,8 @@
+Version 1.10.0
+-------------
+    * Inspect both the host repo and the module's go.mod when resolving dependencies in the
+      `generate` command.
+
 Version 1.9.2
 -------------
     * Generate correct paths for subdir imports within a module.
diff --git a/tools/please_go/VERSION b/tools/please_go/VERSION
index 8fdcf386..81c871de 100644
--- a/tools/please_go/VERSION
+++ b/tools/please_go/VERSION
@@ -1 +1 @@
-1.9.2
+1.10.0
diff --git a/tools/please_go/generate/BUILD b/tools/please_go/generate/BUILD
index 03c31004..50f01152 100644
--- a/tools/please_go/generate/BUILD
+++ b/tools/please_go/generate/BUILD
@@ -12,7 +12,7 @@ go_library(
     visibility = ["//tools/..."],
     deps = [
         "//third_party/go:buildtools",
-        "//third_party/go:mod",
+        "//tools/please_go/generate/gomoddeps",
     ],
 )
 
@@ -23,4 +23,4 @@ go_test(
         "//third_party/go:testify",
         ":generate",
     ],
-)
\ No newline at end of file
+)
diff --git a/tools/please_go/generate/generate.go b/tools/please_go/generate/generate.go
index 1f952121..5a0d4481 100644
--- a/tools/please_go/generate/generate.go
+++ b/tools/please_go/generate/generate.go
@@ -7,13 +7,14 @@ import (
 	"io/fs"
 	"log"
 	"os"
+	"path"
 	"path/filepath"
 	"strings"
 
-	"golang.org/x/mod/modfile"
-
 	bazelbuild "github.com/bazelbuild/buildtools/build"
 	bazeledit "github.com/bazelbuild/buildtools/edit"
+
+	"github.com/please-build/go-rules/tools/please_go/generate/gomoddeps"
 )
 
 type Generate struct {
@@ -22,17 +23,16 @@ type Generate struct {
 	srcRoot            string
 	subrepo            string
 	buildContext       build.Context
-	modFile            string
+	hostModFile        string
 	buildFileNames     []string
 	moduleDeps         []string
-	pluginTarget       string
 	replace            map[string]string
 	knownImportTargets map[string]string // cache these so we don't end up looping over all the modules for every import
 	thirdPartyFolder   string
 	install            []string
 }
 
-func New(srcRoot, thirdPartyFolder, modFile, module, version, subrepo string, buildFileNames, moduleDeps, install []string, buildTags []string) *Generate {
+func New(srcRoot, thirdPartyFolder, hostModFile, module, version, subrepo string, buildFileNames, moduleDeps, install []string, buildTags []string) *Generate {
 	moduleArg := module
 	if version != "" {
 		moduleArg += "@" + version
@@ -46,7 +46,7 @@ func New(srcRoot, thirdPartyFolder, modFile, module, version, subrepo string, bu
 		buildContext:       ctxt,
 		buildFileNames:     buildFileNames,
 		moduleDeps:         moduleDeps,
-		modFile:            modFile,
+		hostModFile:        hostModFile,
 		knownImportTargets: map[string]string{},
 		thirdPartyFolder:   thirdPartyFolder,
 		install:            install,
@@ -59,9 +59,13 @@ func New(srcRoot, thirdPartyFolder, modFile, module, version, subrepo string, bu
 // Generate generates a new Please project at the src root. It will walk through the directory tree generating new BUILD
 // files. This is primarily intended to generate a please subrepo for third party code.
 func (g *Generate) Generate() error {
-	if err := g.readGoMod(g.modFile); err != nil {
-		return fmt.Errorf("failed to read go.mod: %w", err)
+	deps, replacements, err := gomoddeps.GetCombinedDepsAndReplacements(g.hostModFile, path.Join(g.srcRoot, "go.mod"))
+	if err != nil {
+		return err
 	}
+	g.moduleDeps = append(deps, g.moduleName)
+	g.replace = replacements
+
 	if err := g.writeConfig(); err != nil {
 		return fmt.Errorf("failed to write config: %w", err)
 	}
@@ -195,34 +199,6 @@ func (g *Generate) writeInstallFilegroup() error {
 	return saveBuildFile(buildFile)
 }
 
-// readGoMod reads the module dependencies
-func (g *Generate) readGoMod(path string) error {
-	if path == "" {
-		path = filepath.Join(g.srcRoot, "go.mod")
-	}
-	data, err := os.ReadFile(path)
-	if err != nil {
-		return err
-	}
-	modFile, err := modfile.ParseLax(path, data, nil)
-	if err != nil {
-		return err
-	}
-
-	// TODO we could probably validate these are known modules
-	for _, req := range modFile.Require {
-		g.moduleDeps = append(g.moduleDeps, req.Mod.Path)
-	}
-
-	g.moduleDeps = append(g.moduleDeps, g.moduleName)
-
-	g.replace = make(map[string]string, len(modFile.Replace))
-	for _, replace := range modFile.Replace {
-		g.replace[replace.Old.Path] = replace.New.Path
-	}
-	return nil
-}
-
 func (g *Generate) writeConfig() error {
 	file, err := os.Create(filepath.Join(g.srcRoot, ".plzconfig"))
 	if err != nil {
@@ -464,7 +440,7 @@ func (g *Generate) depTarget(importPath string) string {
 		return target
 	}
 
-	if replacement, ok := g.replace[importPath]; ok {
+	if replacement, ok := g.replace[importPath]; ok && replacement != importPath {
 		target := g.depTarget(replacement)
 		g.knownImportTargets[importPath] = target
 		return target
diff --git a/tools/please_go/generate/gomoddeps/BUILD b/tools/please_go/generate/gomoddeps/BUILD
new file mode 100644
index 00000000..4ed194c9
--- /dev/null
+++ b/tools/please_go/generate/gomoddeps/BUILD
@@ -0,0 +1,30 @@
+subinclude("///go//build_defs:go")
+
+filegroup(
+    name = "srcs",
+    srcs = glob(["*.go"], exclude=["*_test.go"]),
+    visibility = ["//tools/please_go:bootstrap"],
+)
+
+go_library(
+    name = "gomoddeps",
+    srcs = [
+        ":srcs",
+    ],
+    visibility = ["//tools/please_go/generate/..."],
+    deps = [
+        "//third_party/go:mod",
+    ],
+)
+
+go_test(
+    name = "gomoddeps_test",
+    srcs = glob(["*_test.go"]),
+    data = [
+        "//tools/please_go/generate/gomoddeps/test_data:test_go_mod_files",
+    ],
+    deps = [
+        "//third_party/go:testify",
+        ":gomoddeps",
+    ],
+)
\ No newline at end of file
diff --git a/tools/please_go/generate/gomoddeps/gomoddeps.go b/tools/please_go/generate/gomoddeps/gomoddeps.go
new file mode 100644
index 00000000..93ad45f0
--- /dev/null
+++ b/tools/please_go/generate/gomoddeps/gomoddeps.go
@@ -0,0 +1,84 @@
+// Package gomoddeps parses dependencies and replacements from the host and module go.mod files.
+package gomoddeps
+
+import (
+	"errors"
+	"fmt"
+	"io/fs"
+	"os"
+
+	"golang.org/x/mod/modfile"
+)
+
+// GetCombinedDepsAndReplacements returns dependencies and replacements after inspecting both
+// the host and the module go.mod files.
+// Module's replacement are only returned if there is no host go.mod file.
+func GetCombinedDepsAndReplacements(hostGoModPath, moduleGoModPath string) ([]string, map[string]string, error) {
+	var err error
+
+	hostDeps := []string{}
+	hostReplacements := map[string]string{}
+	if hostGoModPath != "" {
+		hostDeps, hostReplacements, err = getDepsAndReplacements(hostGoModPath, false)
+		if err != nil {
+			return nil, nil, fmt.Errorf("failed to read host repo go.mod %q: %w", hostGoModPath, err)
+		}
+	}
+
+	var moduleDeps []string
+	var moduleReplacements = map[string]string{}
+	useLaxParsingForModule := true
+	if hostGoModPath == "" {
+		// If we're only considering the module then we want to extract the replacement's as well (lax mode
+		// doesn't parse them).
+		useLaxParsingForModule = false
+	}
+	moduleDeps, moduleReplacements, err = getDepsAndReplacements(moduleGoModPath, useLaxParsingForModule)
+	if err != nil {
+		if errors.Is(err, fs.ErrNotExist) {
+			return hostDeps, hostReplacements, nil
+		}
+		return nil, nil, fmt.Errorf("failed to read module go.mod %q: %w", moduleGoModPath, err)
+	}
+
+	var replacements map[string]string
+	if hostGoModPath == "" {
+		replacements = moduleReplacements
+	} else {
+		replacements = hostReplacements
+	}
+
+	return append(hostDeps, moduleDeps...), replacements, nil
+}
+
+// getDepsAndReplacements parses the go.mod file and returns all the dependencies
+// and replacement directives from it.
+func getDepsAndReplacements(goModPath string, useLaxParsing bool) ([]string, map[string]string, error) {
+	data, err := os.ReadFile(goModPath)
+	if err != nil {
+		return nil, nil, err
+	}
+
+	var modFile *modfile.File
+	if useLaxParsing {
+		modFile, err = modfile.ParseLax(goModPath, data, nil)
+	} else {
+		modFile, err = modfile.Parse(goModPath, data, nil)
+	}
+	if err != nil {
+		return nil, nil, err
+	}
+
+	moduleDeps := make([]string, 0, len(modFile.Require))
+	// TODO we could probably validate these are known modules
+	for _, req := range modFile.Require {
+		moduleDeps = append(moduleDeps, req.Mod.Path)
+	}
+
+	replacements := make(map[string]string, len(modFile.Replace))
+	for _, replace := range modFile.Replace {
+		replacements[replace.Old.Path] = replace.New.Path
+	}
+
+	return moduleDeps, replacements, nil
+}
diff --git a/tools/please_go/generate/gomoddeps/gomoddeps_test.go b/tools/please_go/generate/gomoddeps/gomoddeps_test.go
new file mode 100644
index 00000000..96707c1b
--- /dev/null
+++ b/tools/please_go/generate/gomoddeps/gomoddeps_test.go
@@ -0,0 +1,95 @@
+package gomoddeps
+
+import (
+	"testing"
+
+	"github.com/stretchr/testify/assert"
+)
+
+var hostGoModPath = "tools/please_go/generate/gomoddeps/test_data/host_go_mod"
+var moduleGoModPath = "tools/please_go/generate/gomoddeps/test_data/module_go_mod"
+var invalidGoModPath = "tools/please_go/generate/gomoddeps/test_data/invalid_go_mod"
+
+func TestErrors(t *testing.T) {
+	t.Run("errors if host go.mod does not exist", func(t *testing.T) {
+		deps, replacements, err := GetCombinedDepsAndReplacements("/does/not/exist", "/does/not/matter")
+		assert.Error(t, err)
+		assert.Nil(t, deps)
+		assert.Nil(t, replacements)
+	})
+
+	t.Run("does not error if module go.mod does not exist", func(t *testing.T) {
+		deps, replacements, err := GetCombinedDepsAndReplacements(hostGoModPath, "/does/not/exist")
+		assert.NoError(t, err)
+		assert.NotNil(t, deps)
+		assert.NotNil(t, replacements)
+	})
+
+	t.Run("errors if host go.mod is invalid", func(t *testing.T) {
+		deps, replacements, err := GetCombinedDepsAndReplacements(invalidGoModPath, "/does/not/exist")
+		assert.Error(t, err)
+		assert.Nil(t, deps)
+		assert.Nil(t, replacements)
+	})
+
+	t.Run("errors if module go.mod is invalid", func(t *testing.T) {
+		deps, replacements, err := GetCombinedDepsAndReplacements(hostGoModPath, invalidGoModPath)
+		assert.Error(t, err)
+		assert.Nil(t, deps)
+		assert.Nil(t, replacements)
+	})
+}
+
+func TestHostOnlyDeps(t *testing.T) {
+	t.Run("returns all host dependencies", func(t *testing.T) {
+		deps, _, err := GetCombinedDepsAndReplacements(hostGoModPath, "/does/not/matter")
+		assert.NoError(t, err)
+
+		assert.Len(t, deps, 3)
+		assert.Equal(t, []string{"example.com/foo", "example.com/bar", "example.com/bob"}, deps)
+	})
+
+	t.Run("returns all host replacements", func(t *testing.T) {
+		_, replacements, err := GetCombinedDepsAndReplacements(hostGoModPath, "/does/not/matter")
+		assert.NoError(t, err)
+
+		assert.Len(t, replacements, 1)
+		assert.Equal(t, map[string]string{"example.com/bob": "example.com/new-bob"}, replacements)
+	})
+}
+
+func TestModuleOnlyDeps(t *testing.T) {
+	t.Run("returns all host dependencies", func(t *testing.T) {
+		deps, _, err := GetCombinedDepsAndReplacements("", moduleGoModPath)
+		assert.NoError(t, err)
+
+		assert.Len(t, deps, 2)
+		assert.Equal(t, []string{"example.com/dob", "example.com/bab"}, deps)
+	})
+
+	t.Run("returns all host replacements", func(t *testing.T) {
+		_, replacements, err := GetCombinedDepsAndReplacements("", moduleGoModPath)
+		assert.NoError(t, err)
+
+		assert.Len(t, replacements, 1)
+		assert.Equal(t, map[string]string{"example.com/bab": "example.com/new-bab"}, replacements)
+	})
+}
+
+func TestBothDeps(t *testing.T) {
+	t.Run("returns combined dependencies", func(t *testing.T) {
+		deps, _, err := GetCombinedDepsAndReplacements(hostGoModPath, moduleGoModPath)
+		assert.NoError(t, err)
+
+		assert.Len(t, deps, 5)
+		assert.Equal(t, []string{"example.com/foo", "example.com/bar", "example.com/bob", "example.com/dob", "example.com/bab"}, deps)
+	})
+
+	t.Run("returns only host replacements", func(t *testing.T) {
+		_, replacements, err := GetCombinedDepsAndReplacements(hostGoModPath, moduleGoModPath)
+		assert.NoError(t, err)
+
+		assert.Len(t, replacements, 1)
+		assert.Equal(t, map[string]string{"example.com/bob": "example.com/new-bob"}, replacements)
+	})
+}
diff --git a/tools/please_go/generate/gomoddeps/test_data/BUILD b/tools/please_go/generate/gomoddeps/test_data/BUILD
new file mode 100644
index 00000000..9b2e08e6
--- /dev/null
+++ b/tools/please_go/generate/gomoddeps/test_data/BUILD
@@ -0,0 +1,10 @@
+filegroup(
+    name = "test_go_mod_files",
+    srcs = [
+        "host_go_mod",
+        "invalid_go_mod",
+        "module_go_mod",
+    ],
+    test_only = True,
+    visibility = ["//tools/please_go/generate/..."],
+)
diff --git a/tools/please_go/generate/gomoddeps/test_data/host_go_mod b/tools/please_go/generate/gomoddeps/test_data/host_go_mod
new file mode 100644
index 00000000..5d3b7e3d
--- /dev/null
+++ b/tools/please_go/generate/gomoddeps/test_data/host_go_mod
@@ -0,0 +1,11 @@
+module hostmod
+
+go 1.21
+
+require (
+    example.com/foo v0.0.0-1234567890
+    example.com/bar v1.1.1
+    example.com/bob v1.2.2
+)
+
+replace example.com/bob => example.com/new-bob v42.0.0
diff --git a/tools/please_go/generate/gomoddeps/test_data/invalid_go_mod b/tools/please_go/generate/gomoddeps/test_data/invalid_go_mod
new file mode 100644
index 00000000..79a49745
--- /dev/null
+++ b/tools/please_go/generate/gomoddeps/test_data/invalid_go_mod
@@ -0,0 +1,7 @@
+module malformed
+
+go 1.21
+
+require # uh oh no ( here ...
+    example.com/foo v0.0.0-1234567890
+)
diff --git a/tools/please_go/generate/gomoddeps/test_data/module_go_mod b/tools/please_go/generate/gomoddeps/test_data/module_go_mod
new file mode 100644
index 00000000..811a71a0
--- /dev/null
+++ b/tools/please_go/generate/gomoddeps/test_data/module_go_mod
@@ -0,0 +1,10 @@
+module modulemod
+
+go 1.21
+
+require (
+    example.com/dob v1.1.1
+    example.com/bab v1.2.2
+)
+
+replace example.com/bab => example.com/new-bab v42.0.0
diff --git a/tools/please_go/please_go.go b/tools/please_go/please_go.go
index 2b33eefb..ca8f03c8 100644
--- a/tools/please_go/please_go.go
+++ b/tools/please_go/please_go.go
@@ -96,7 +96,7 @@ var opts = struct {
 		SrcRoot          string   `short:"r" long:"src_root" description:"The src root of the module to inspect"`
 		ImportPath       string   `long:"import_path" description:"overrides the module's import path. If not set, the import path from the go.mod will be used.'"`
 		ThirdPartyFolder string   `short:"t" long:"third_part_folder" description:"The folder containing the third party subrepos" default:"third_party/go"`
-		ModFile          string   `long:"mod_file" description:"Path to the mod file to use to resolve dependencies against"`
+		ModFile          string   `long:"mod_file" description:"Path to the host repo mod file to use to resolve dependencies against (dependencies will be resolved against the module as well if it exists)"`
 		Module           string   `long:"module" description:"The name of the current module"`
 		Version          string   `long:"version" description:"The version of the current module"`
 		Install          []string `long:"install" description:"The packages to add to the :install alias"`