diff --git a/src/test/mock_bin_src.rs b/src/test/mock_bin_src.rs
index ac90a1e1d2..d85b8002cd 100644
--- a/src/test/mock_bin_src.rs
+++ b/src/test/mock_bin_src.rs
@@ -102,6 +102,10 @@ fn main() {
                 panic!("CARGO environment variable not set");
             }
         }
+        Some("--echo-current-exe") => {
+            let mut out = io::stderr();
+            writeln!(out, "{}", std::env::current_exe().unwrap().display()).unwrap();
+        }
         arg => panic!("bad mock proxy commandline: {:?}", arg),
     }
 }
diff --git a/src/toolchain.rs b/src/toolchain.rs
index c61dde090d..f3cf17f6cf 100644
--- a/src/toolchain.rs
+++ b/src/toolchain.rs
@@ -1,3 +1,5 @@
+#[cfg(unix)]
+use std::os::unix::fs::PermissionsExt as _;
 use std::{
     env::{self, consts::EXE_SUFFIX},
     ffi::{OsStr, OsString},
@@ -12,6 +14,7 @@ use std::{
 
 use anyhow::{Context, anyhow, bail};
 use fs_at::OpenOptions;
+use same_file::is_same_file;
 use tracing::info;
 use url::Url;
 use wait_timeout::ChildExt;
@@ -329,13 +332,14 @@ impl<'a> Toolchain<'a> {
     pub(crate) fn command(&self, binary: &str) -> anyhow::Result<Command> {
         // Should push the cargo fallback into a custom toolchain type? And then
         // perhaps a trait that create command layers on?
-        if !matches!(
-            self.name(),
-            LocalToolchainName::Named(ToolchainName::Official(_))
-        ) {
-            if let Some(cmd) = self.maybe_do_cargo_fallback(binary)? {
-                return Ok(cmd);
-            }
+        if let Some(cmd) = self.maybe_do_cargo_fallback(binary)? {
+            info!("`cargo` is unavailable for the active toolchain");
+            info!("falling back to {:?}", cmd.get_program());
+            return Ok(cmd);
+        } else if let Some(cmd) = self.maybe_do_rust_analyzer_fallback(binary)? {
+            info!("`rust-analyzer` is unavailable for the active toolchain");
+            info!("falling back to {:?}", cmd.get_program());
+            return Ok(cmd);
         }
 
         self.create_command(binary)
@@ -343,8 +347,10 @@ impl<'a> Toolchain<'a> {
 
     // Custom toolchains don't have cargo, so here we detect that situation and
     // try to find a different cargo.
-    pub(crate) fn maybe_do_cargo_fallback(&self, binary: &str) -> anyhow::Result<Option<Command>> {
-        if binary != "cargo" && binary != "cargo.exe" {
+    fn maybe_do_cargo_fallback(&self, binary: &str) -> anyhow::Result<Option<Command>> {
+        if let LocalToolchainName::Named(ToolchainName::Official(_)) = self.name() {
+            return Ok(None);
+        } else if binary != "cargo" && binary != "cargo.exe" {
             return Ok(None);
         }
 
@@ -374,6 +380,52 @@ impl<'a> Toolchain<'a> {
         Ok(None)
     }
 
+    /// Tries to find `rust-analyzer` on the PATH when the active toolchain does
+    /// not have `rust-analyzer` installed.
+    ///
+    /// This happens from time to time often because the user wants to use a
+    /// more recent build of RA than the one shipped with rustup, or because
+    /// rustup isn't shipping RA on their host platform at all.
+    ///
+    /// See the following issues for more context:
+    /// - <https://github.com/rust-lang/rustup/issues/3299>
+    /// - <https://github.com/rust-lang/rustup/issues/3846>
+    fn maybe_do_rust_analyzer_fallback(&self, binary: &str) -> anyhow::Result<Option<Command>> {
+        if binary != "rust-analyzer" && binary != "rust-analyzer.exe"
+            || self.binary_file("rust-analyzer").exists()
+        {
+            return Ok(None);
+        }
+
+        let proc = self.cfg.process;
+        let Some(path) = proc.var_os("PATH") else {
+            return Ok(None);
+        };
+
+        let me = env::current_exe()?;
+
+        // Try to find the first `rust-analyzer` under the `$PATH` that is both
+        // an existing file and not the same file as `me`, i.e. not a rustup proxy.
+        for mut p in env::split_paths(&path) {
+            p.push(binary);
+            let is_external_ra = p.is_file()
+                // We report `true` on `is_same_file()` error to prevent an invalid `p`
+                // from becoming the candidate.
+                && !is_same_file(&me, &p).unwrap_or(true);
+            // On Unix, we additionally check if the file is executable.
+            #[cfg(unix)]
+            let is_external_ra = is_external_ra
+                && p.metadata()
+                    .is_ok_and(|meta| meta.permissions().mode() & 0o111 != 0);
+            if is_external_ra {
+                let mut ra = Command::new(p);
+                self.set_env(&mut ra);
+                return Ok(Some(ra));
+            }
+        }
+        Ok(None)
+    }
+
     #[cfg_attr(feature="otel", tracing::instrument(err, fields(binary, recursion = self.cfg.process.var("RUST_RECURSION_COUNT").ok())))]
     fn create_command<T: AsRef<OsStr> + Debug>(&self, binary: T) -> Result<Command, anyhow::Error> {
         // Create the path to this binary within the current toolchain sysroot
diff --git a/tests/suite/cli_misc.rs b/tests/suite/cli_misc.rs
index 1ad12c742c..1d5f401fcd 100644
--- a/tests/suite/cli_misc.rs
+++ b/tests/suite/cli_misc.rs
@@ -1277,3 +1277,76 @@ async fn rustup_updates_cargo_env_if_proxy() {
         )
         .await;
 }
+
+#[tokio::test]
+async fn rust_analyzer_proxy_falls_back_external() {
+    let mut cx = CliTestContext::new(Scenario::SimpleV2).await;
+    cx.config
+        .expect_ok(&[
+            "rustup",
+            "toolchain",
+            "install",
+            "stable",
+            "--profile=minimal",
+            "--component=rls",
+        ])
+        .await;
+    cx.config.expect_ok(&["rustup", "default", "stable"]).await;
+
+    // We pretend to have a `rust-analyzer` installation by reusing the `rls`
+    // proxy and mock binary.
+    let rls = format!("rls{EXE_SUFFIX}");
+    let ra = format!("rust-analyzer{EXE_SUFFIX}");
+    let exedir = &cx.config.exedir;
+    let bindir = &cx
+        .config
+        .rustupdir
+        .join("toolchains")
+        .join(for_host!("stable-{0}"))
+        .join("bin");
+    for dir in [exedir, bindir] {
+        fs::rename(dir.join(&rls), dir.join(&ra)).unwrap();
+    }
+
+    // Base case: rustup-hosted RA installed, external RA unavailable,
+    // use the former.
+    let real_path = cx
+        .config
+        .run("rust-analyzer", &["--echo-current-exe"], &[])
+        .await;
+    assert!(real_path.ok);
+    let real_path_str = real_path.stderr.lines().next().unwrap();
+    let real_path = Path::new(real_path_str);
+
+    assert!(real_path.is_file());
+
+    let tempdir = tempfile::Builder::new().prefix("rustup").tempdir().unwrap();
+    let extern_dir = tempdir.path();
+    let extern_path = &extern_dir.join("rust-analyzer");
+    fs::copy(real_path, extern_path).unwrap();
+
+    // First case: rustup-hosted and external RA both installed,
+    // prioritize the former.
+    cx.config
+        .expect_ok_ex_env(
+            &["rust-analyzer", "--echo-current-exe"],
+            &[("PATH", &extern_dir.to_string_lossy())],
+            "",
+            &format!("{real_path_str}\n"),
+        )
+        .await;
+
+    // Second case: rustup-hosted RA unavailable, fallback on the external RA.
+    fs::remove_file(bindir.join(&ra)).unwrap();
+    cx.config
+        .expect_ok_ex_env(
+            &["rust-analyzer", "--echo-current-exe"],
+            &[("PATH", &extern_dir.to_string_lossy())],
+            "",
+            &format!(
+                "info: `rust-analyzer` is unavailable for the active toolchain\ninfo: falling back to {:?}\n{}\n",
+                extern_path.as_os_str(), extern_path.display()
+            ),
+        )
+        .await;
+}