diff --git a/Lib/test/test_free_threading/test_dict.py b/Lib/test/test_free_threading/test_dict.py
index 4a812275143bc4d..89f3ae778db812a 100644
--- a/Lib/test/test_free_threading/test_dict.py
+++ b/Lib/test/test_free_threading/test_dict.py
@@ -5,7 +5,7 @@
 
 from ast import Or
 from functools import partial
-from threading import Barrier, Thread
+from threading import Barrier, Event, Thread
 from unittest import TestCase
 
 try:
@@ -356,5 +356,28 @@ def writer():
 
         threading_helper.run_concurrently([reader, writer])
 
+    def test_racing_update_from_mutating_pair(self):
+        # gh-159244: dict() must not read the items of a key/value pair
+        # that another thread empties concurrently.
+        pair = [object(), object()]
+        done = Event()
+
+        def writer():
+            try:
+                for _ in range(10000):
+                    pair.clear()
+                    pair.extend((object(), object()))
+            finally:
+                done.set()
+
+        def reader():
+            while not done.is_set():
+                try:
+                    dict([pair])
+                except ValueError:
+                    pass
+
+        threading_helper.run_concurrently([writer] + [reader] * 4)
+
 if __name__ == "__main__":
     unittest.main()
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2026-10-12-16-00-34.gh-issue-159244.ThiobE.rst b/Misc/NEWS.d/next/Core_and_Builtins/2026-10-12-16-00-34.gh-issue-159244.ThiobE.rst
new file mode 100644
index 000000000000000..954cccf38c43676
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2026-10-12-16-00-34.gh-issue-159244.ThiobE.rst
@@ -0,0 +1,3 @@
+Fix a crash in :class:`dict` and :meth:`dict.update` in the
+:term:`free-threaded build` when another thread concurrently mutates a list
+used as a key/value pair. Patch by Christian Aurich Zanettini Martins.
diff --git a/Objects/dictobject.c b/Objects/dictobject.c
index eed9bd92c55bf2b..ed36d3c15ca27f2 100644
--- a/Objects/dictobject.c
+++ b/Objects/dictobject.c
@@ -4115,7 +4115,7 @@ merge_from_seq2_lock_held(PyObject *d, PyObject *seq2, int override)
         return -1;
 
     for (i = 0; ; ++i) {
-        PyObject *key, *value;
+        PyObject *key = NULL, *value = NULL;
         Py_ssize_t n;
 
         fast = NULL;
@@ -4137,7 +4137,13 @@ merge_from_seq2_lock_held(PyObject *d, PyObject *seq2, int override)
             }
             goto Fail;
         }
+        Py_BEGIN_CRITICAL_SECTION_SEQUENCE_FAST(item);
         n = PySequence_Fast_GET_SIZE(fast);
+        if (n == 2) {
+            key = Py_NewRef(PySequence_Fast_GET_ITEM(fast, 0));
+            value = Py_NewRef(PySequence_Fast_GET_ITEM(fast, 1));
+        }
+        Py_END_CRITICAL_SECTION_SEQUENCE_FAST();
         if (n != 2) {
             PyErr_Format(PyExc_ValueError,
                          "dictionary update sequence element #%zd "
@@ -4147,10 +4153,6 @@ merge_from_seq2_lock_held(PyObject *d, PyObject *seq2, int override)
         }
 
         /* Update/merge with this (key, value) pair. */
-        key = PySequence_Fast_GET_ITEM(fast, 0);
-        value = PySequence_Fast_GET_ITEM(fast, 1);
-        Py_INCREF(key);
-        Py_INCREF(value);
         if (override) {
             if (setitem_lock_held((PyDictObject *)d, key, value) < 0) {
                 Py_DECREF(key);