diff --git a/crates/svg/src/import/budget.rs b/crates/svg/src/import/budget.rs
index e7ae3fc6..75a5e673 100644
--- a/crates/svg/src/import/budget.rs
+++ b/crates/svg/src/import/budget.rs
@@ -74,7 +74,7 @@ fn embedded(used: &Used, limits: &Limits, data: &[u8], opts: &Options) -> Option
     let left = limits.embedded.saturating_sub(used.bytes.load(Ordering::Relaxed));
     let plain = inflate(data, left).ok()?;
     used.bytes.fetch_add(plain.len(), Ordering::Relaxed);
-    if super::nesting(&plain, super::MAX_NESTING) > super::MAX_NESTING {
+    if super::too_deep(&plain) {
         return None;
     }
     used.depth.fetch_add(1, Ordering::Relaxed);
diff --git a/crates/svg/src/import/hostile_tests.rs b/crates/svg/src/import/hostile_tests.rs
index bb750286..0af1297d 100644
--- a/crates/svg/src/import/hostile_tests.rs
+++ b/crates/svg/src/import/hostile_tests.rs
@@ -166,3 +166,18 @@ fn nesting_is_measured_before_parsing() {
     let p = d.first_page().unwrap();
     assert!(import_svg(&mut d, &svg(&deep), p, 0.0, 0.0, "x").is_err());
 }
+
+#[test]
+fn entity_expansion_cannot_bypass_the_nesting_limit() {
+    // An internal-DTD entity whose value nests 300 deep, referenced inside a body nesting 300 deep:
+    // the parsed tree is ~600 deep although the raw bytes never are.
+    let inner = format!("{}{}", "<g>".repeat(300), "</g>".repeat(300));
+    let body = format!("{}&deep;{}", "<g>".repeat(300), "</g>".repeat(300));
+    let data = format!(
+        "<?xml version=\"1.0\"?><!DOCTYPE svg [<!ENTITY deep \"{inner}\">]><svg xmlns=\"http://www.w3.org/2000/svg\" width=\"10\" height=\"10\">{body}</svg>"
+    );
+    let mut d = Document::new("t");
+    let p = d.first_page().unwrap();
+    let err = import_svg(&mut d, data.as_bytes(), p, 0.0, 0.0, "x").err().map(|e| e.to_string()).unwrap_or_default();
+    assert!(err.contains("nested more than 512 deep"), "{err:?}");
+}
diff --git a/crates/svg/src/import/mod.rs b/crates/svg/src/import/mod.rs
index 3aed363a..dc936260 100644
--- a/crates/svg/src/import/mod.rs
+++ b/crates/svg/src/import/mod.rs
@@ -672,6 +672,42 @@ pub(crate) fn nesting(data: &[u8], limit: usize) -> usize {
     max
 }
 
+/// Whether `data` nests elements more than [`MAX_NESTING`] deep: the byte scan first, then the
+/// parsed tree (walked without recursion), which also counts what DTD entity references expand to.
+pub(crate) fn too_deep(data: &[u8]) -> bool {
+    if nesting(data, MAX_NESTING) > MAX_NESTING {
+        return true;
+    }
+    let Ok(text) = std::str::from_utf8(data) else { return false };
+    let opt = usvg::roxmltree::ParsingOptions { allow_dtd: true, ..Default::default() };
+    let Ok(xml) = usvg::roxmltree::Document::parse_with_options(text, opt) else { return false };
+    // Depth-first by sibling and parent links; the root is depth 0, each child one deeper.
+    let (mut node, mut depth) = (xml.root(), 0usize);
+    loop {
+        if let Some(child) = node.first_child() {
+            node = child;
+            depth += 1;
+            if depth > MAX_NESTING {
+                return true;
+            }
+            continue;
+        }
+        loop {
+            if let Some(next) = node.next_sibling() {
+                node = next;
+                break;
+            }
+            match node.parent() {
+                Some(up) if depth > 0 => {
+                    node = up;
+                    depth -= 1;
+                }
+                _ => return false,
+            }
+        }
+    }
+}
+
 fn options(data: &[u8], limits: budget::Limits) -> usvg::Options<'static> {
     // Only data URIs, within budgets: an opened or pasted SVG never pulls other files off the disk
     // and never expands without limit.
@@ -728,7 +764,7 @@ fn import_within(
 ) -> Result<Imported, ImportError> {
     // SVGZ is unpacked here, within a budget, so every check below sees the real document.
     let data = budget::document(data, &limits).map_err(ImportError)?;
-    if nesting(&data, MAX_NESTING) > MAX_NESTING {
+    if too_deep(&data) {
         return Err(ImportError(format!("elements nested more than {MAX_NESTING} deep")));
     }
     let tree = usvg::Tree::from_data(&data, &options(&data, limits)).map_err(|e| ImportError(e.to_string()))?;