diff --git a/src/path.c b/src/path.c
index 89409eae4..fa800b74c 100644
--- a/src/path.c
+++ b/src/path.c
@@ -853,6 +853,9 @@ int git_path_direach(
 
 	if ((dir = opendir(path->ptr)) == NULL) {
 		giterr_set(GITERR_OS, "Failed to open directory '%s'", path->ptr);
+		if (errno == ENOENT)
+			return GIT_ENOTFOUND;
+
 		return -1;
 	}
 
diff --git a/src/refdb_fs.c b/src/refdb_fs.c
index 43682f40e..3219b0519 100644
--- a/src/refdb_fs.c
+++ b/src/refdb_fs.c
@@ -272,9 +272,17 @@ static int _dirent_loose_load(void *payload, git_buf *full_path)
 	if (git__suffixcmp(full_path->ptr, ".lock") == 0)
 		return 0;
 
-	if (git_path_isdir(full_path->ptr))
-		return git_path_direach(
+	if (git_path_isdir(full_path->ptr)) {
+		int error = git_path_direach(
 			full_path, backend->direach_flags, _dirent_loose_load, backend);
+		/* Race with the filesystem, ignore it */
+		if (error == GIT_ENOTFOUND) {
+			giterr_clear();
+			return 0;
+		}
+
+		return error;
+	}
 
 	file_path = full_path->ptr + strlen(backend->path);