diff --git a/.changeset/techdocs-a-primeira-vez.md b/.changeset/techdocs-a-primeira-vez.md
new file mode 100644
index 0000000000..efc626091c
--- /dev/null
+++ b/.changeset/techdocs-a-primeira-vez.md
@@ -0,0 +1,6 @@
+---
+'@backstage/plugin-techdocs': patch
+---
+
+Fixes a bug that could prevent some externally hosted images (like icons or
+build badges) from rendering within TechDocs documentation.
diff --git a/plugins/techdocs/src/reader/transformers/addBaseUrl.test.ts b/plugins/techdocs/src/reader/transformers/addBaseUrl.test.ts
index 2b17d04144..6b6eae4b0d 100644
--- a/plugins/techdocs/src/reader/transformers/addBaseUrl.test.ts
+++ b/plugins/techdocs/src/reader/transformers/addBaseUrl.test.ts
@@ -14,17 +14,21 @@
  * limitations under the License.
  */
 
+import { waitFor } from '@testing-library/react';
 import { createTestShadowDom } from '../../test-utils';
 import { addBaseUrl } from '../transformers';
 import { TechDocsStorageApi } from '../../api';
 
 const DOC_STORAGE_URL = 'https://example-host.storage.googleapis.com';
+const API_ORIGIN_URL = 'https://backstage.example.com/api/techdocs';
 
 const techdocsStorageApi: TechDocsStorageApi = {
-  getBaseUrl: jest.fn(() => Promise.resolve(DOC_STORAGE_URL)),
+  getBaseUrl: jest.fn(o =>
+    Promise.resolve(new URL(o, DOC_STORAGE_URL).toString()),
+  ),
   getEntityDocs: () => new Promise(resolve => resolve('yes!')),
   syncEntityDocs: () => new Promise(resolve => resolve(true)),
-  getApiOrigin: jest.fn(),
+  getApiOrigin: jest.fn(() => new Promise(resolve => resolve(API_ORIGIN_URL))),
   getBuilder: jest.fn(),
   getStorageUrl: jest.fn(),
 };
@@ -96,7 +100,7 @@ describe('addBaseUrl', () => {
     );
   });
 
-  it('transforms svg img src to data uri', async () => {
+  it('inlines svg img src to data uri', async () => {
     const svgContent = '<svg></svg>';
     const expectedSrc = `data:image/svg+xml;base64,${Buffer.from(
       svgContent,
@@ -117,10 +121,60 @@ describe('addBaseUrl', () => {
       postTransformers: [],
     });
 
+    await waitFor(() => {
+      const actualSrc = root.getElementById('x')?.getAttribute('src');
+      expect(expectedSrc).toEqual(actualSrc);
+    });
+  });
+
+  it('inlines absolute url svgs pointed at our backend', async () => {
+    const svgContent = '<svg></svg>';
+    const expectedSrc = `data:image/svg+xml;base64,${Buffer.from(
+      svgContent,
+    ).toString('base64')}`;
+
+    (global.fetch as jest.Mock).mockReturnValue({
+      text: jest.fn().mockResolvedValue(svgContent),
+    });
+
+    const root = createTestShadowDom(
+      `<img id="x" src="${API_ORIGIN_URL}/test.svg" />`,
+      {
+        preTransformers: [
+          addBaseUrl({
+            techdocsStorageApi,
+            entityId: mockEntityId,
+            path: '',
+          }),
+        ],
+        postTransformers: [],
+      },
+    );
+
+    await waitFor(() => {
+      const actualSrc = root.getElementById('x')?.getAttribute('src');
+      expect(expectedSrc).toEqual(actualSrc);
+    });
+  });
+
+  it('does not inline external svgs', async () => {
+    const expectedSrc = 'https://example.com/test.svg';
+    const root = createTestShadowDom(`<img id="x" src="${expectedSrc}" />`, {
+      preTransformers: [
+        addBaseUrl({
+          techdocsStorageApi,
+          entityId: mockEntityId,
+          path: '',
+        }),
+      ],
+      postTransformers: [],
+    });
+
     await new Promise<void>(done => {
       process.nextTick(() => {
-        const actualSrc = root.getElementById('x')?.getAttribute('src');
-        expect(expectedSrc).toEqual(actualSrc);
+        const actualElem = root.getElementById('x');
+        expect(actualElem?.getAttribute('src')).toEqual(expectedSrc);
+        expect(actualElem?.getAttribute('alt')).toEqual(null);
         done();
       });
     });
diff --git a/plugins/techdocs/src/reader/transformers/addBaseUrl.ts b/plugins/techdocs/src/reader/transformers/addBaseUrl.ts
index 98db162b46..dc4eecde16 100644
--- a/plugins/techdocs/src/reader/transformers/addBaseUrl.ts
+++ b/plugins/techdocs/src/reader/transformers/addBaseUrl.ts
@@ -23,6 +23,22 @@ type AddBaseUrlOptions = {
   path: string;
 };
 
+/**
+ * TechDocs backend serves SVGs with text/plain content-type for security. This
+ * helper determines if an SVG is being loaded from the backend, and thus needs
+ * inlining to be displayed properly.
+ */
+const isSvgNeedingInlining = (
+  attrName: string,
+  attrVal: string,
+  apiOrigin: string,
+) => {
+  const isSrcToSvg = attrName === 'src' && attrVal.endsWith('.svg');
+  const isRelativeUrl = !attrVal.match(/^([a-z]*:)?\/\//i);
+  const pointsToOurBackend = attrVal.startsWith(apiOrigin);
+  return isSrcToSvg && (isRelativeUrl || pointsToOurBackend);
+};
+
 export const addBaseUrl = ({
   techdocsStorageApi,
   entityId,
@@ -45,7 +61,8 @@ export const addBaseUrl = ({
             entityId,
             path,
           );
-          if (attributeName === 'src' && elemAttribute.endsWith('.svg')) {
+          const apiOrigin = await techdocsStorageApi.getApiOrigin();
+          if (isSvgNeedingInlining(attributeName, elemAttribute, apiOrigin)) {
             try {
               const svg = await fetch(newValue);
               const svgContent = await svg.text();