diff --git a/apps/api-extractor/src/analyzer/ExportAnalyzer.ts b/apps/api-extractor/src/analyzer/ExportAnalyzer.ts
index b7c9ad7ab97..33867923bb5 100644
--- a/apps/api-extractor/src/analyzer/ExportAnalyzer.ts
+++ b/apps/api-extractor/src/analyzer/ExportAnalyzer.ts
@@ -259,9 +259,18 @@ export class ExportAnalyzer {
     importOrExportDeclaration: ts.ImportDeclaration | ts.ExportDeclaration | ts.ImportTypeNode,
     moduleSpecifier: string
   ): boolean {
+    const specifier: ts.TypeNode | ts.Expression | undefined = ts.isImportTypeNode(importOrExportDeclaration)
+      ? importOrExportDeclaration.argument
+      : importOrExportDeclaration.moduleSpecifier;
+    const mode: ts.ModuleKind.CommonJS | ts.ModuleKind.ESNext | undefined =
+      specifier && ts.isStringLiteralLike(specifier)
+        ? TypeScriptInternals.getModeForUsageLocation(importOrExportDeclaration.getSourceFile(), specifier)
+        : undefined;
+
     const resolvedModule: ts.ResolvedModuleFull | undefined = TypeScriptInternals.getResolvedModule(
       importOrExportDeclaration.getSourceFile(),
-      moduleSpecifier
+      moduleSpecifier,
+      mode
     );
 
     if (resolvedModule === undefined) {
@@ -863,9 +872,18 @@ export class ExportAnalyzer {
     exportSymbol: ts.Symbol
   ): AstModule {
     const moduleSpecifier: string = this._getModuleSpecifier(importOrExportDeclaration);
+    const mode: ts.ModuleKind.CommonJS | ts.ModuleKind.ESNext | undefined =
+      importOrExportDeclaration.moduleSpecifier &&
+      ts.isStringLiteralLike(importOrExportDeclaration.moduleSpecifier)
+        ? TypeScriptInternals.getModeForUsageLocation(
+            importOrExportDeclaration.getSourceFile(),
+            importOrExportDeclaration.moduleSpecifier
+          )
+        : undefined;
     const resolvedModule: ts.ResolvedModuleFull | undefined = TypeScriptInternals.getResolvedModule(
       importOrExportDeclaration.getSourceFile(),
-      moduleSpecifier
+      moduleSpecifier,
+      mode
     );
 
     if (resolvedModule === undefined) {
diff --git a/apps/api-extractor/src/analyzer/TypeScriptInternals.ts b/apps/api-extractor/src/analyzer/TypeScriptInternals.ts
index 4c35cc1ded9..ae3c0e04316 100644
--- a/apps/api-extractor/src/analyzer/TypeScriptInternals.ts
+++ b/apps/api-extractor/src/analyzer/TypeScriptInternals.ts
@@ -83,12 +83,26 @@ export class TypeScriptInternals {
    */
   public static getResolvedModule(
     sourceFile: ts.SourceFile,
-    moduleNameText: string
+    moduleNameText: string,
+    mode: ts.ModuleKind.CommonJS | ts.ModuleKind.ESNext | undefined
   ): ts.ResolvedModuleFull | undefined {
     // Compiler internal:
-    // https://github.com/microsoft/TypeScript/blob/v3.2.2/src/compiler/utilities.ts#L218
+    // https://github.com/microsoft/TypeScript/blob/v4.7.2/src/compiler/utilities.ts#L161
 
-    return (ts as any).getResolvedModule(sourceFile, moduleNameText);
+    return (ts as any).getResolvedModule(sourceFile, moduleNameText, mode);
+  }
+
+  /**
+   * Gets the mode required for module resolution required with the addition of Node16/nodenext
+   */
+  public static getModeForUsageLocation(
+    file: { impliedNodeFormat?: ts.SourceFile['impliedNodeFormat'] },
+    usage: ts.StringLiteralLike | undefined
+  ): ts.ModuleKind.CommonJS | ts.ModuleKind.ESNext | undefined {
+    // Compiler internal:
+    // https://github.com/microsoft/TypeScript/blob/v4.7.2/src/compiler/program.ts#L568
+
+    return (ts as any).getModeForUsageLocation?.(file, usage);
   }
 
   /**
diff --git a/common/changes/@microsoft/api-extractor/users-chhol-fix-getResolvedModule-params_2022-05-25-17-20.json b/common/changes/@microsoft/api-extractor/users-chhol-fix-getResolvedModule-params_2022-05-25-17-20.json
new file mode 100644
index 00000000000..354890a1249
--- /dev/null
+++ b/common/changes/@microsoft/api-extractor/users-chhol-fix-getResolvedModule-params_2022-05-25-17-20.json
@@ -0,0 +1,10 @@
+{
+  "changes": [
+    {
+      "packageName": "@microsoft/api-extractor",
+      "comment": "Fix an issue where API Extractor would fail to run on a project where `\"moduleResolution\"` is set to `\"Node16\"` in `tsconfig.json`",
+      "type": "patch"
+    }
+  ],
+  "packageName": "@microsoft/api-extractor"
+}
\ No newline at end of file