diff --git a/.changeset/hungry-peas-sing.md b/.changeset/hungry-peas-sing.md
new file mode 100644
index 0000000000..8c39d33ddd
--- /dev/null
+++ b/.changeset/hungry-peas-sing.md
@@ -0,0 +1,5 @@
+---
+'@backstage/plugin-catalog-backend-module-openapi': patch
+---
+
+Fixed bug in `jsonSchemaRefPlaceholderResolver` where relative $ref files were resolved through file system instead of base URL of file
diff --git a/plugins/catalog-backend-module-openapi/src/lib/bundle.ts b/plugins/catalog-backend-module-openapi/src/lib/bundle.ts
index 64c772b91e..59f7e5791f 100644
--- a/plugins/catalog-backend-module-openapi/src/lib/bundle.ts
+++ b/plugins/catalog-backend-module-openapi/src/lib/bundle.ts
@@ -65,6 +65,6 @@ export async function bundleFileWithRefs(
     },
   };
   const fileObject = parse(fileWithRefs);
-  const bundledObject = await $RefParser.bundle(fileObject, options);
+  const bundledObject = await $RefParser.bundle(baseUrl, fileObject, options);
   return stringify(bundledObject);
 }