diff --git a/package.json b/package.json
index 965a869883..3387444697 100644
--- a/package.json
+++ b/package.json
@@ -13,6 +13,7 @@
     "babel-jest": "^23.0.1",
     "babel-plugin-check-es2015-constants": "^6.5.0",
     "babel-plugin-external-helpers": "^6.22.0",
+    "babel-plugin-syntax-dynamic-import": "^6.18.0",
     "babel-plugin-syntax-trailing-function-commas": "^6.5.0",
     "babel-plugin-transform-async-to-generator": "^6.22.0",
     "babel-plugin-transform-class-properties": "^6.11.5",
diff --git a/packages/react-refresh/src/ReactFreshBabelPlugin.js b/packages/react-refresh/src/ReactFreshBabelPlugin.js
index a8568b257e..d237ff8f43 100644
--- a/packages/react-refresh/src/ReactFreshBabelPlugin.js
+++ b/packages/react-refresh/src/ReactFreshBabelPlugin.js
@@ -115,8 +115,40 @@ export default function(babel) {
         if (!isComponentishName(name)) {
           return false;
         }
-        if (init.type === 'Identifier' || init.type === 'MemberExpression') {
-          return false;
+        switch (init.type) {
+          case 'ArrowFunctionExpression':
+          case 'FunctionExpression':
+            // Likely component definitions.
+            break;
+          case 'CallExpression': {
+            // Maybe a HOC.
+            // Try to determine if this is some form of import.
+            const callee = init.callee;
+            const calleeType = callee.type;
+            if (calleeType === 'Import') {
+              return false;
+            } else if (calleeType === 'Identifier') {
+              if (callee.name.indexOf('require') === 0) {
+                return false;
+              } else if (callee.name.indexOf('import') === 0) {
+                return false;
+              }
+              // Neither require nor import. Might be a HOC.
+              // Pass through.
+            } else if (calleeType === 'MemberExpression') {
+              // Could be something like React.forwardRef(...)
+              // Pass through.
+            } else {
+              // More complicated call.
+              return false;
+            }
+            break;
+          }
+          case 'TaggedTemplateExpression':
+            // Maybe something like styled.div`...`
+            break;
+          default:
+            return false;
         }
         const initPath = path.get('init');
         const foundInside = findInnerComponents(
diff --git a/packages/react-refresh/src/__tests__/ReactFreshBabelPlugin-test.js b/packages/react-refresh/src/__tests__/ReactFreshBabelPlugin-test.js
index 1e1512b693..2ca46efcb0 100644
--- a/packages/react-refresh/src/__tests__/ReactFreshBabelPlugin-test.js
+++ b/packages/react-refresh/src/__tests__/ReactFreshBabelPlugin-test.js
@@ -15,7 +15,7 @@ function transform(input, options = {}) {
   return wrap(
     babel.transform(input, {
       babelrc: false,
-      plugins: ['syntax-jsx', freshPlugin],
+      plugins: ['syntax-jsx', 'syntax-dynamic-import', freshPlugin],
     }).code,
   );
 }
@@ -407,4 +407,31 @@ describe('ReactFreshBabelPlugin', () => {
     `),
     ).toMatchSnapshot();
   });
+
+  it('does not consider require-like methods to be HOCs', () => {
+    // None of these were declared in this file.
+    // It's bad to register them because that would trigger
+    // modules to execute in an environment with inline requires.
+    // So we expect the transform to skip all of them even though
+    // they are used in JSX.
+    expect(
+      transform(`
+        const A = require('A');
+        const B = foo ? require('X') : require('Y');
+        const C = requireCond(gk, 'C');
+        const D = import('D');
+
+        export default function App() {
+          return (
+            <div>
+              <A />
+              <B />
+              <C />
+              <D />
+            </div>
+          );
+        }
+    `),
+    ).toMatchSnapshot();
+  });
 });
diff --git a/packages/react-refresh/src/__tests__/__snapshots__/ReactFreshBabelPlugin-test.js.snap b/packages/react-refresh/src/__tests__/__snapshots__/ReactFreshBabelPlugin-test.js.snap
index d18cd4ba61..b3fef460d1 100644
--- a/packages/react-refresh/src/__tests__/__snapshots__/ReactFreshBabelPlugin-test.js.snap
+++ b/packages/react-refresh/src/__tests__/__snapshots__/ReactFreshBabelPlugin-test.js.snap
@@ -1,5 +1,27 @@
 // Jest Snapshot v1, https://goo.gl/fbAQLP
 
+exports[`ReactFreshBabelPlugin does not consider require-like methods to be HOCs 1`] = `
+
+const A = require('A');
+const B = foo ? require('X') : require('Y');
+const C = requireCond(gk, 'C');
+const D = import('D');
+
+export default function App() {
+  return <div>
+              <A />
+              <B />
+              <C />
+              <D />
+            </div>;
+}
+_c = App;
+
+var _c;
+
+__register__(_c, 'App');
+`;
+
 exports[`ReactFreshBabelPlugin generates signatures for function declarations calling hooks 1`] = `
 var _s = __signature__();
 
diff --git a/yarn.lock b/yarn.lock
index 56a8a7287f..6605e61fa9 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -620,6 +620,11 @@ babel-plugin-syntax-class-properties@^6.8.0:
   version "6.13.0"
   resolved "https://registry.yarnpkg.com/babel-plugin-syntax-class-properties/-/babel-plugin-syntax-class-properties-6.13.0.tgz#d7eb23b79a317f8543962c505b827c7d6cac27de"
 
+babel-plugin-syntax-dynamic-import@^6.18.0:
+  version "6.18.0"
+  resolved "https://registry.yarnpkg.com/babel-plugin-syntax-dynamic-import/-/babel-plugin-syntax-dynamic-import-6.18.0.tgz#8d6a26229c83745a9982a441051572caa179b1da"
+  integrity sha1-jWomIpyDdFqZgqRBBRVyyqF5sdo=
+
 babel-plugin-syntax-flow@^6.18.0, babel-plugin-syntax-flow@^6.8.0:
   version "6.18.0"
   resolved "https://registry.yarnpkg.com/babel-plugin-syntax-flow/-/babel-plugin-syntax-flow-6.18.0.tgz#4c3ab20a2af26aa20cd25995c398c4eb70310c8d"