diff --git a/crates/bevy_asset/src/lib.rs b/crates/bevy_asset/src/lib.rs
index 16da4313f0..8186b6315d 100644
--- a/crates/bevy_asset/src/lib.rs
+++ b/crates/bevy_asset/src/lib.rs
@@ -2000,4 +2000,92 @@ mod tests {
 
         app.world_mut().run_schedule(Update);
     }
+
+    #[test]
+    #[ignore = "blocked on https://github.com/bevyengine/bevy/issues/11111"]
+    fn same_asset_different_settings() {
+        // Test loading the same asset twice with different settings. This should
+        // produce two distinct assets.
+
+        // First, implement an asset that's a single u8, whose value is copied from
+        // the loader settings.
+
+        #[derive(Asset, TypePath)]
+        struct U8Asset(u8);
+
+        #[derive(Serialize, Deserialize, Default)]
+        struct U8LoaderSettings(u8);
+
+        struct U8Loader;
+
+        impl AssetLoader for U8Loader {
+            type Asset = U8Asset;
+            type Settings = U8LoaderSettings;
+            type Error = crate::loader::LoadDirectError;
+
+            async fn load(
+                &self,
+                _: &mut dyn Reader,
+                settings: &Self::Settings,
+                _: &mut LoadContext<'_>,
+            ) -> Result<Self::Asset, Self::Error> {
+                Ok(U8Asset(settings.0))
+            }
+
+            fn extensions(&self) -> &[&str] {
+                &["u8"]
+            }
+        }
+
+        // Create a test asset.
+
+        let dir = Dir::default();
+        dir.insert_asset(Path::new("test.u8"), &[]);
+
+        let asset_source = AssetSource::build()
+            .with_reader(move || Box::new(MemoryAssetReader { root: dir.clone() }));
+
+        // Set up the app.
+
+        let mut app = App::new();
+
+        app.register_asset_source(AssetSourceId::Default, asset_source)
+            .add_plugins((TaskPoolPlugin::default(), AssetPlugin::default()))
+            .init_asset::<U8Asset>()
+            .register_asset_loader(U8Loader);
+
+        let asset_server = app.world().resource::<AssetServer>();
+
+        // Load the test asset twice but with different settings.
+
+        fn load(asset_server: &AssetServer, path: &str, value: u8) -> Handle<U8Asset> {
+            asset_server.load_with_settings::<U8Asset, U8LoaderSettings>(
+                path,
+                move |s: &mut U8LoaderSettings| s.0 = value,
+            )
+        }
+
+        let handle_1 = load(asset_server, "test.u8", 1);
+        let handle_2 = load(asset_server, "test.u8", 2);
+
+        // Handles should be different.
+
+        assert_ne!(handle_1, handle_2);
+
+        run_app_until(&mut app, |world| {
+            let (Some(asset_1), Some(asset_2)) = (
+                world.resource::<Assets<U8Asset>>().get(&handle_1),
+                world.resource::<Assets<U8Asset>>().get(&handle_2),
+            ) else {
+                return None;
+            };
+
+            // Values should match the settings.
+
+            assert_eq!(asset_1.0, 1);
+            assert_eq!(asset_2.0, 2);
+
+            Some(())
+        });
+    }
 }