diff --git a/mm/zswap.c b/mm/zswap.c
index 36612f34b5d7..caed028945b0 100644
--- a/mm/zswap.c
+++ b/mm/zswap.c
@@ -1636,6 +1636,7 @@ bool zswap_load(struct folio *folio)
 	swp_entry_t swp = folio->swap;
 	pgoff_t offset = swp_offset(swp);
 	struct page *page = &folio->page;
+	bool swapcache = folio_test_swapcache(folio);
 	struct zswap_tree *tree = swap_zswap_tree(swp);
 	struct zswap_entry *entry;
 	u8 *dst;
@@ -1648,7 +1649,20 @@ bool zswap_load(struct folio *folio)
 		spin_unlock(&tree->lock);
 		return false;
 	}
-	zswap_rb_erase(&tree->rbroot, entry);
+	/*
+	 * When reading into the swapcache, invalidate our entry. The
+	 * swapcache can be the authoritative owner of the page and
+	 * its mappings, and the pressure that results from having two
+	 * in-memory copies outweighs any benefits of caching the
+	 * compression work.
+	 *
+	 * (Most swapins go through the swapcache. The notable
+	 * exception is the singleton fault on SWP_SYNCHRONOUS_IO
+	 * files, which reads into a private page and may free it if
+	 * the fault fails. We remain the primary owner of the entry.)
+	 */
+	if (swapcache)
+		zswap_rb_erase(&tree->rbroot, entry);
 	spin_unlock(&tree->lock);
 
 	if (entry->length)
@@ -1663,9 +1677,10 @@ bool zswap_load(struct folio *folio)
 	if (entry->objcg)
 		count_objcg_event(entry->objcg, ZSWPIN);
 
-	zswap_entry_free(entry);
-
-	folio_mark_dirty(folio);
+	if (swapcache) {
+		zswap_entry_free(entry);
+		folio_mark_dirty(folio);
+	}
 
 	return true;
 }