diff --git a/runtime/tests/vm/dart/regress_54128_test.dart b/runtime/tests/vm/dart/regress_54128_test.dart
new file mode 100644
index 00000000000..e886c8e2479
--- /dev/null
+++ b/runtime/tests/vm/dart/regress_54128_test.dart
@@ -0,0 +1,28 @@
+// Copyright (c) 2023, the Dart project authors.  Please see the AUTHORS file
+// for details. All rights reserved. Use of this source code is governed by a
+// BSD-style license that can be found in the LICENSE file.
+
+// Regression test for https://github.com/dart-lang/sdk/issues/54128.
+// Verifies that flow graph checker doesn't crash in debug mode
+// after constant is propagated in the call argument but not its
+// enviornment.
+
+@pragma('vm:never-inline')
+void foo(int port) {
+  try {
+    print('hi');
+  } catch (e) {
+    if (port != 0) rethrow;
+    bar(port);
+  }
+}
+
+@pragma('vm:never-inline')
+void bar(int x) {
+  print(x);
+}
+
+void main() {
+  foo(int.parse('2'));
+  bar(int.parse('3'));
+}
diff --git a/runtime/vm/compiler/backend/flow_graph_checker.cc b/runtime/vm/compiler/backend/flow_graph_checker.cc
index 92ae6a4fde5..a093d11e719 100644
--- a/runtime/vm/compiler/backend/flow_graph_checker.cc
+++ b/runtime/vm/compiler/backend/flow_graph_checker.cc
@@ -532,6 +532,12 @@ void FlowGraphChecker::AssertArgumentsInEnv(Definition* call) {
         // Redefinition instructions and boxing/unboxing are inserted
         // without updating environment uses (FlowGraph::RenameDominatedUses,
         // FlowGraph::InsertConversionsFor).
+        //
+        // Conditional constant propagation doesn't update environments either
+        // and may also replace redefinition instructions with constants
+        // without updating environment uses of their original definitions
+        // (ConstantPropagator::InsertRedefinitionsAfterEqualityComparisons).
+        //
         // Also, constants may belong to different blocks (e.g. function entry
         // and graph entry).
         Definition* arg_def =
@@ -540,11 +546,8 @@ void FlowGraphChecker::AssertArgumentsInEnv(Definition* call) {
             env->ValueAt(env_base + i)
                 ->definition()
                 ->OriginalDefinitionIgnoreBoxingAndConstraints();
-        ASSERT2((arg_def == env_def) ||
-                    (arg_def->IsConstant() && env_def->IsConstant() &&
-                     arg_def->AsConstant()->value().ptr() ==
-                         env_def->AsConstant()->value().ptr()),
-                arg_def, env_def);
+        ASSERT2((arg_def == env_def) || arg_def->IsConstant(), arg_def,
+                env_def);
       }
     }
   }