diff --git a/lib/faker.rb b/lib/faker.rb
index 30a87addac..4981dc7acd 100644
--- a/lib/faker.rb
+++ b/lib/faker.rb
@@ -1,5 +1,7 @@
 # frozen_string_literal: true
 
+require_relative 'faker/loader'
+
 mydir = __dir__
 
 require 'psych'
@@ -14,9 +16,10 @@
 module Faker
   module Config
     @default_locale = nil
+    @lazy_loading = false
 
     class << self
-      attr_writer :default_locale
+      attr_writer :default_locale, :lazy_loading
 
       def locale=(new_locale)
         Thread.current[:faker_config_locale] = new_locale
@@ -43,16 +46,12 @@ def random
       end
 
       def lazy_loading?
-        if ENV.key?('FAKER_LAZY_LOAD') && !ENV['FAKER_LAZY_LOAD'].nil?
-          %w[true TRUE 1].include?(ENV.fetch('FAKER_LAZY_LOAD', nil))
+        if ENV.key?('FAKER_LAZY_LOAD')
+          %w[true TRUE 1].include?(ENV['FAKER_LAZY_LOAD'])
         else
-          Thread.current[:faker_lazy_loading] == true
+          @lazy_loading
         end
       end
-
-      def lazy_loading=(value)
-        Thread.current[:faker_lazy_loading] = value
-      end
     end
   end
 
@@ -291,46 +290,19 @@ def disable_enforce_available_locales
     end
   end
 
-  if Faker::Config.lazy_loading?
-    def self.load_path(*constants)
-      constants.map do |class_name|
-        class_name
-          .to_s
-          .gsub('::', '/')
-          .gsub(/([A-Z]+)([A-Z][a-z])/, '\1_\2')
-          .gsub(/([a-z\d])([A-Z])/, '\1_\2')
-          .tr('-', '_')
-          .downcase
-      end.join('/')
-    end
-
-    def self.lazy_load(klass)
-      def klass.const_missing(class_name)
-        load_path = case class_name
-                    when :DnD
-                      Faker.load_path('faker/games/dnd')
-                    else
-                      Faker.load_path(name, class_name)
-                    end
-
-        begin
-          require(load_path)
-        rescue LoadError
-          require(load_path.gsub('faker/', 'faker/default/'))
-        end
-
-        const_get(class_name)
-      end
-    end
+  @loader = Loader.new(__dir__, Config)
 
-    lazy_load(self)
+  # Resolves missing constants by either lazy or eager loading generator files,
+  # depending on +Config.lazy_loading?+ at the time of first use.
+  #
+  # The loading strategy is determined on the first access. Setting
+  # +Config.lazy_loading+ after any generator has been referenced has no effect.
+  def self.const_missing(class_name)
+    @loader.load_const(name, class_name)
+    @loader.fetch_const(self, name, class_name)
   end
-end
-
-unless Faker::Config.lazy_loading?
-  rb_files = []
-  rb_files << File.join(mydir, 'faker', '*.rb')
-  rb_files << File.join(mydir, 'faker', '/**/*.rb')
 
-  Dir.glob(rb_files).each { |file| require file }
+  def self.lazy_load(klass)
+    @loader.install_on(klass)
+  end
 end
diff --git a/lib/faker/loader.rb b/lib/faker/loader.rb
new file mode 100644
index 0000000000..8a039b087f
--- /dev/null
+++ b/lib/faker/loader.rb
@@ -0,0 +1,84 @@
+# frozen_string_literal: true
+
+module Faker
+  class Loader
+    INFLECTIONS = { 'DnD' => 'dnd' }.freeze
+
+    def initialize(base_dir, config, requirer: method(:require))
+      @base_dir = base_dir
+      @config = config
+      @eager_loaded = false
+      @mutex = Mutex.new
+      @requirer = requirer
+    end
+
+    def load_const(context_name, class_name)
+      @mutex.synchronize do
+        if loading_strategy == :lazy
+          resolve_const(context_name, class_name)
+        else
+          eager_load!
+        end
+      end
+    end
+
+    def install_on(klass)
+      loader = self
+
+      klass.define_singleton_method(:const_missing) do |class_name|
+        loader.resolve_const(name, class_name)
+        loader.fetch_const(self, name, class_name)
+      end
+    end
+
+    def fetch_const(klass, context_name, class_name)
+      unless klass.const_defined?(class_name, false)
+        raise NameError, "uninitialized constant #{context_name}::#{class_name}"
+      end
+
+      klass.const_get(class_name)
+    end
+
+    def loading_strategy
+      @loading_strategy ||= if @config.lazy_loading?
+                              :lazy
+                            else
+                              :eager
+                            end
+    end
+
+    def resolve_const(context_name, class_name)
+      load_path = build_path(context_name, class_name)
+
+      @requirer.call(load_path)
+    rescue LoadError
+      # try to load default generators
+      @requirer.call load_path.gsub('faker/', 'faker/default/')
+    end
+
+    private
+
+    def eager_load!
+      return if @eager_loaded
+
+      @eager_loaded = true
+
+      parents = Dir.glob("#{@base_dir}/faker/*.rb")
+      nested = Dir.glob("#{@base_dir}/faker/**/*.rb") - parents
+
+      (parents + nested).each { |f| @requirer.call(f) }
+    end
+
+    def build_path(*constants)
+      constants.map do |c|
+        INFLECTIONS
+          .reduce(c.to_s) { |s, (word, replacement)| s.gsub(word, replacement) }
+          .gsub('::', '/')
+          .gsub(/([A-Z]+)([A-Z][a-z])/, '\1_\2')
+          .gsub(/([a-z\d])([A-Z])/, '\1_\2')
+          .tr('-', '_')
+          .downcase
+      end.join('/')
+    end
+  end
+end
diff --git a/test/faker/test_loader.rb b/test/faker/test_loader.rb
new file mode 100644
index 0000000000..ec1fb4eb8d
--- /dev/null
+++ b/test/faker/test_loader.rb
@@ -0,0 +1,160 @@
+# frozen_string_literal: true
+
+require_relative '../test_helper'
+
+class TestLoader < Test::Unit::TestCase
+  FIXTURES_DIR = File.expand_path('../fixtures', __dir__)
+  LIB_DIR = File.expand_path('../../lib', __dir__)
+
+  class FakeRequirer
+    attr_reader :loaded_files
+
+    def initialize(failing_paths: [])
+      @failing_paths = failing_paths
+      @loaded_files = []
+      @mutex = Mutex.new
+    end
+
+    def call(path)
+      raise LoadError if @failing_paths.any? do |suffix|
+        path.end_with?(suffix)
+      end
+
+      @mutex.synchronize { @loaded_files << path }
+    end
+  end
+
+  FakeConfig = Struct.new(:lazy_loading?)
+
+  def eager_loader(requirer:)
+    Faker::Loader.new(FIXTURES_DIR, FakeConfig.new(false), requirer: requirer)
+  end
+
+  def lazy_loader(requirer:)
+    Faker::Loader.new(FIXTURES_DIR, FakeConfig.new(true), requirer: requirer)
+  end
+
+  def test_strategy_does_not_change_after_first_use
+    config = FakeConfig.new(false)
+    loader = Faker::Loader.new(FIXTURES_DIR, config, requirer: FakeRequirer.new)
+
+    loader.load_const('Faker', :Gadget)
+    config[:lazy_loading?] = true
+
+    assert_equal :eager, loader.loading_strategy
+  end
+
+  def test_falls_back_to_default_path_on_load_error
+    non_default_path = ['faker/gadget']
+    requirer = FakeRequirer.new(failing_paths: non_default_path)
+
+    loader = lazy_loader(requirer: requirer)
+
+    loader.load_const('Faker', :Gadget)
+
+    assert requirer.loaded_files.any? { |f| f.include?('faker/default/gadget') }
+  end
+
+  def test_inflection_resolves_correctly
+    requirer = FakeRequirer.new
+    loader = lazy_loader(requirer: requirer)
+
+    loader.load_const('Faker::Games', :DnD)
+
+    assert_includes requirer.loaded_files.first, 'faker/games/dnd'
+    refute_includes requirer.loaded_files.first, 'dn_d'
+  end
+
+  def test_install_on_installs_const_missing
+    requirer = FakeRequirer.new
+    loader = lazy_loader(requirer: requirer)
+    klass = Class.new
+
+    loader.install_on(klass)
+
+    assert_equal klass.singleton_class, klass.method(:const_missing).owner
+  end
+
+  def test_eager_loads_all_files_on_first_const_access
+    requirer = FakeRequirer.new
+    loader = eager_loader(requirer: requirer)
+
+    loader.load_const('Faker', :Gadget)
+
+    actual_files = requirer.loaded_files.map do |loaded|
+      loaded.match(/fixtures\/(?<path>.*)/)[:path]
+    end.uniq
+
+    expected_files = %w[
+      faker/gadget.rb
+      faker/default/widget.rb
+      faker/games/dnd.rb
+    ]
+
+    expected_files.each do |file|
+      assert_includes actual_files, file, "expected #{file} to be loaded"
+    end
+  end
+
+  def test_requires_namespace_parents_before_nested_generators
+    requirer = FakeRequirer.new
+    loader = Faker::Loader.new(LIB_DIR, FakeConfig.new(false), requirer: requirer)
+
+    loader.load_const('Faker', :Name)
+
+    parents, nested = requirer.loaded_files.partition do |file|
+      File.dirname(file).end_with?('/faker')
+    end
+
+    assert_equal requirer.loaded_files, parents + nested
+  end
+
+  def test_eager_loads_only_once
+    requirer = FakeRequirer.new
+    loader = eager_loader(requirer: requirer)
+
+    loader.load_const('Faker', :Gadget)
+
+    count = requirer.loaded_files.size
+
+    loader.load_const('Faker', :Gadget)
+
+    assert_equal count, requirer.loaded_files.size
+  end
+
+  def test_lazy_loads_single_file_on_const_access
+    requirer = FakeRequirer.new
+    loader = lazy_loader(requirer: requirer)
+
+    loader.load_const('Faker', :Gadget)
+
+    assert_equal 1, requirer.loaded_files.size
+    assert_includes requirer.loaded_files.first, 'faker/gadget'
+  end
+
+  def test_eager_loads_only_once_across_threads
+    requirer = FakeRequirer.new
+    loader = eager_loader(requirer: requirer)
+
+    threads = 10.times.map do
+      Thread.new { loader.load_const('Faker', :Gadget) }
+    end
+
+    threads.each(&:join)
+
+    actual_files = requirer.loaded_files.map do |loaded|
+      loaded.match(/fixtures\/(?<path>.*)/)[:path]
+    end.compact
+
+    assert_equal actual_files.uniq, actual_files
+  end
+
+  def test_raises_on_unknown_const
+    non_existent_paths = ['faker/non_existent', 'faker/default/non_existent']
+    requirer = FakeRequirer.new(failing_paths: non_existent_paths)
+
+    loader = lazy_loader(requirer: requirer)
+
+    assert_raises(LoadError) { loader.load_const('Faker', :NonExistent) }
+  end
+end
diff --git a/test/fixtures/faker/default/widget.rb b/test/fixtures/faker/default/widget.rb
new file mode 100644
index 0000000000..b94d0deed0
--- /dev/null
+++ b/test/fixtures/faker/default/widget.rb
@@ -0,0 +1,10 @@
+# frozen_string_literal: true
+
+module Faker
+  class Default
+    # rubocop:disable Lint/EmptyClass
+    class Widget
+    end
+    # rubocop:enable Lint/EmptyClass
+  end
+end
diff --git a/test/fixtures/faker/gadget.rb b/test/fixtures/faker/gadget.rb
new file mode 100644
index 0000000000..fade2a51f0
--- /dev/null
+++ b/test/fixtures/faker/gadget.rb
@@ -0,0 +1,8 @@
+# frozen_string_literal: true
+
+module Faker
+  # rubocop:disable Lint/EmptyClass
+  class Gadget
+  end
+  # rubocop:enable Lint/EmptyClass
+end
diff --git a/test/fixtures/faker/games/dnd.rb b/test/fixtures/faker/games/dnd.rb
new file mode 100644
index 0000000000..92cd42db50
--- /dev/null
+++ b/test/fixtures/faker/games/dnd.rb
@@ -0,0 +1,10 @@
+# frozen_string_literal: true
+
+module Faker
+  class Games
+    # rubocop:disable Lint/EmptyClass
+    class DnD
+    end
+    # rubocop:enable Lint/EmptyClass
+  end
+end
diff --git a/test/test_determinism.rb b/test/test_determinism.rb
index f612248af0..6cd80b6b86 100644
--- a/test/test_determinism.rb
+++ b/test/test_determinism.rb
@@ -6,6 +6,9 @@
 # rubocop:disable Security/Eval,Style/EvalWithLocation
 class TestDeterminism < Test::Unit::TestCase
   def setup
+    # TODO: can we expose loader?
+    Faker.instance_variable_get(:@loader).send(:eager_load!)
+
     @all_methods = all_methods.freeze
     @first_run = []
   end
@@ -94,6 +97,7 @@ def skipped_classes
       Time
       TvShows
       Music
+      Loader
       VERSION
     ]
   end