diff --git a/lib/internal/modules/esm/translators.js b/lib/internal/modules/esm/translators.js
index a7252c1c99f954..a59e8f9373f42b 100644
--- a/lib/internal/modules/esm/translators.js
+++ b/lib/internal/modules/esm/translators.js
@@ -85,7 +85,7 @@ translators.set('module', async function moduleStrategy(url) {
     source, { url, format: 'module' }, defaultTransformSource));
   maybeCacheSourceMap(url, source);
   debug(`Translating StandardModule ${url}`);
-  const module = new ModuleWrap(url, undefined, source, 0, 0);
+  const module = new ModuleWrap(url, undefined, `${source}`, 0, 0);
   moduleWrap.callbackMap.set(module, {
     initializeImportMeta,
     importModuleDynamically,
diff --git a/test/fixtures/es-module-loaders/loader-invalid-transform-source.mjs b/test/fixtures/es-module-loaders/loader-invalid-transform-source.mjs
new file mode 100644
index 00000000000000..9a095cf2df1ac3
--- /dev/null
+++ b/test/fixtures/es-module-loaders/loader-invalid-transform-source.mjs
@@ -0,0 +1,7 @@
+export function transformSource() {
+  return {
+    source: {
+      boom: true
+    }
+  };
+}
diff --git a/test/message/esm-invalid-transform-source.mjs b/test/message/esm-invalid-transform-source.mjs
new file mode 100644
index 00000000000000..4436e8290f1cf9
--- /dev/null
+++ b/test/message/esm-invalid-transform-source.mjs
@@ -0,0 +1,4 @@
+// Flags: --experimental-loader ./test/fixtures/es-module-loaders/loader-invalid-transform-source.mjs
+// Fixes: https://github.com/nodejs/node/issues/33441
+import '../common/index.mjs';
+import 'fs';
diff --git a/test/message/esm-invalid-transform-source.out b/test/message/esm-invalid-transform-source.out
new file mode 100644
index 00000000000000..a16c5ece5c4c79
--- /dev/null
+++ b/test/message/esm-invalid-transform-source.out
@@ -0,0 +1,9 @@
+(node:*) ExperimentalWarning: --experimental-loader is an experimental feature. This feature could change at any time
+(Use `node --trace-warnings ...` to show where the warning was created)
+file:///*/test/message/esm-invalid-transform-source.mjs:1
+[object Object]
+        ^^^^^^
+
+SyntaxError: Unexpected identifier
+    at Loader.moduleStrategy (internal/modules/esm/translators.js:*:*)
+    at async link (internal/modules/esm/module_job.js:*:*)