diff --git a/lib/bundle.ts b/lib/bundle.ts
index 0c9fb7cd..d062efd9 100644
--- a/lib/bundle.ts
+++ b/lib/bundle.ts
@@ -5,6 +5,7 @@ import type $Refs from "./refs.js";
 import type $RefParser from "./index";
 import type { ParserOptions } from "./index";
 import type { JSONSchema } from "./index";
+import type { BundleOptions } from "./options";
 
 export interface InventoryEntry {
   $ref: any;
@@ -65,8 +66,10 @@ function crawl<S extends object = JSONSchema, O extends ParserOptions<S> = Parse
   options: O,
 ) {
   const obj = key === null ? parent : parent[key as keyof typeof parent];
+  const bundleOptions = (options.bundle || {}) as BundleOptions;
+  const isExcludedPath = bundleOptions.excludedPathMatcher || (() => false);
 
-  if (obj && typeof obj === "object" && !ArrayBuffer.isView(obj)) {
+  if (obj && typeof obj === "object" && !ArrayBuffer.isView(obj) && !isExcludedPath(pathFromRoot)) {
     if ($Ref.isAllowed$Ref(obj)) {
       inventory$Ref(parent, key, path, pathFromRoot, indirections, inventory, $refs, options);
     } else {
@@ -97,6 +100,10 @@ function crawl<S extends object = JSONSchema, O extends ParserOptions<S> = Parse
         } else {
           crawl(obj, key, keyPath, keyPathFromRoot, indirections, inventory, $refs, options);
         }
+
+        if (value["$ref"]) {
+          bundleOptions?.onBundle?.(value["$ref"], obj[key], obj as any, key);          
+        }
       }
     }
   }
diff --git a/lib/options.ts b/lib/options.ts
index a66b1e00..d6a98ead 100644
--- a/lib/options.ts
+++ b/lib/options.ts
@@ -12,6 +12,26 @@ export type DeepPartial<T> = T extends object
       [P in keyof T]?: DeepPartial<T[P]>;
     }
   : T;
+
+export interface BundleOptions {
+  /**
+   * A function, called for each path, which can return true to stop this path and all
+   * subpaths from being processed further. This is useful in schemas where some
+   * subpaths contain literal $ref keys that should not be changed.
+   */
+  excludedPathMatcher?(path: string): boolean;
+
+  /**
+   * Callback invoked during bundling.
+   *
+   * @argument {string} path - The path being processed (ie. the `$ref` string)
+   * @argument {JSONSchemaObject} value - The JSON-Schema that the `$ref` resolved to
+   * @argument {JSONSchemaObject} parent - The parent of the processed object
+   * @argument {string} parentPropName - The prop name of the parent object whose value was processed
+   */
+  onBundle?(path: string, value: JSONSchemaObject, parent?: JSONSchemaObject, parentPropName?: string): void;
+}
+
 export interface DereferenceOptions {
   /**
    * Determines whether circular `$ref` pointers are handled.
@@ -107,6 +127,11 @@ export interface $RefParserOptions<S extends object = JSONSchema> {
    */
   continueOnError: boolean;
 
+  /**
+   * The `bundle` options control how JSON Schema `$Ref` Parser will process `$ref` pointers within the JSON schema.
+   */
+  bundle: BundleOptions;
+
   /**
    * The `dereference` options control how JSON Schema `$Ref` Parser will dereference `$ref` pointers within the JSON schema.
    */
@@ -168,6 +193,20 @@ export const getJsonSchemaRefParserDefaultOptions = () => {
      */
     continueOnError: false,
 
+    /**
+     * Determines the types of JSON references that are allowed.
+     */
+    bundle: {
+      /**
+       * A function, called for each path, which can return true to stop this path and all
+       * subpaths from being processed further. This is useful in schemas where some
+       * subpaths contain literal $ref keys that should not be changed.
+       *
+       * @type {function}
+       */
+      excludedPathMatcher: () => false,
+    },
+
     /**
      * Determines the types of JSON references that are allowed.
      */
diff --git a/test/specs/bundle-callback/bundle-callback.spec.ts b/test/specs/bundle-callback/bundle-callback.spec.ts
new file mode 100644
index 00000000..f90da41d
--- /dev/null
+++ b/test/specs/bundle-callback/bundle-callback.spec.ts
@@ -0,0 +1,64 @@
+import { describe, it } from "vitest";
+import $RefParser from "../../../lib/index.js";
+import pathUtils from "../../utils/path.js";
+
+import { expect } from "vitest";
+import type { Options } from "../../../lib/options";
+
+describe("Schema with a $ref", () => {
+  it("should call onBundle", async () => {
+    const parser = new $RefParser();
+    const calls: any = [];
+    const schema = pathUtils.rel("test/specs/bundle-callback/bundle-callback.yaml");
+    const options = {
+      bundle: {
+        onBundle(path, value, parent, parentPropName) {
+          calls.push(JSON.parse(JSON.stringify({ path, value, parent, parentPropName })));
+        },
+      },
+    } as Options;
+    await parser.bundle(schema, options);
+
+    expect(calls).to.deep.equal([
+      {
+        path: "#/definitions/b",
+        value: { $ref: "#/definitions/b" },
+        parent: {
+          a: {
+            $ref: "#/definitions/b",
+          },
+          b: {
+            $ref: "#/definitions/a",
+          },
+        },
+        parentPropName: "a",
+      },
+      {
+        path: "#/definitions/a",
+        value: { $ref: "#/definitions/a" },
+        parent: {
+          a: {
+            $ref: "#/definitions/b",
+          },
+          b: {
+            $ref: "#/definitions/a",
+          },
+        },
+        parentPropName: "b",
+      },
+      {
+        path: "#/definitions/a",
+        value: { $ref: "#/definitions/a" },
+        parent: {
+          c: {
+            type: "string",
+          },
+          d: {
+            $ref: "#/definitions/a",
+          },
+        },
+        parentPropName: "d",
+      },
+    ]);
+  });
+});
diff --git a/test/specs/bundle-callback/bundle-callback.yaml b/test/specs/bundle-callback/bundle-callback.yaml
new file mode 100644
index 00000000..f9c40dd9
--- /dev/null
+++ b/test/specs/bundle-callback/bundle-callback.yaml
@@ -0,0 +1,12 @@
+title: test
+type: object
+definitions:
+  a:
+    $ref: "#/definitions/b"
+  b:
+    $ref: "#/definitions/a"
+properties:
+  c:
+    type: string
+  d:
+    $ref: "#/definitions/a"