diff --git a/CHANGELOG.md b/CHANGELOG.md
index ef34a1a71862..4364d8059c23 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -16,6 +16,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 - Ensure negative arbitrary `scale` values generate negative values ([#17831](https://github.com/tailwindlabs/tailwindcss/pull/17831))
 - Fix HAML extraction with embedded Ruby ([#17846](https://github.com/tailwindlabs/tailwindcss/pull/17846))
 - Don't scan files for utilities when using `@reference` ([#17836](https://github.com/tailwindlabs/tailwindcss/pull/17836))
+- Fix incorrectly replacing `_` with ` ` in arbitrary modifier shorthand `bg-red-500/(--my_opacity)` ([#17889](https://github.com/tailwindlabs/tailwindcss/pull/17889))
 
 ## [4.1.5] - 2025-04-30
 
diff --git a/packages/tailwindcss/src/candidate.test.ts b/packages/tailwindcss/src/candidate.test.ts
index 3c54bef7a20d..4355071f2aac 100644
--- a/packages/tailwindcss/src/candidate.test.ts
+++ b/packages/tailwindcss/src/candidate.test.ts
@@ -1087,6 +1087,7 @@ it('should parse a utility with an implicit variable as the modifier using the s
   let utilities = new Utilities()
   utilities.functional('bg', () => [])
 
+  // Standard case (no underscores)
   expect(run('bg-red-500/(--value)', { utilities })).toMatchInlineSnapshot(`
     [
       {
@@ -1107,6 +1108,156 @@ it('should parse a utility with an implicit variable as the modifier using the s
       },
     ]
   `)
+
+  // Should preserve underscores
+  expect(run('bg-red-500/(--with_underscore)', { utilities })).toMatchInlineSnapshot(`
+    [
+      {
+        "important": false,
+        "kind": "functional",
+        "modifier": {
+          "kind": "arbitrary",
+          "value": "var(--with_underscore)",
+        },
+        "raw": "bg-red-500/(--with_underscore)",
+        "root": "bg",
+        "value": {
+          "fraction": null,
+          "kind": "named",
+          "value": "red-500",
+        },
+        "variants": [],
+      },
+    ]
+  `)
+
+  // Should remove underscores in fallback values
+  expect(run('bg-red-500/(--with_underscore,fallback_value)', { utilities }))
+    .toMatchInlineSnapshot(`
+      [
+        {
+          "important": false,
+          "kind": "functional",
+          "modifier": {
+            "kind": "arbitrary",
+            "value": "var(--with_underscore,fallback value)",
+          },
+          "raw": "bg-red-500/(--with_underscore,fallback_value)",
+          "root": "bg",
+          "value": {
+            "fraction": null,
+            "kind": "named",
+            "value": "red-500",
+          },
+          "variants": [],
+        },
+      ]
+    `)
+
+  // Should keep underscores in the CSS variable itself, but remove underscores
+  // in fallback values
+  expect(run('bg-(--a_b,c_d_var(--e_f,g_h))/(--i_j,k_l_var(--m_n,o_p))', { utilities }))
+    .toMatchInlineSnapshot(`
+    [
+      {
+        "important": false,
+        "kind": "functional",
+        "modifier": {
+          "kind": "arbitrary",
+          "value": "var(--i_j,k l var(--m_n,o p))",
+        },
+        "raw": "bg-(--a_b,c_d_var(--e_f,g_h))/(--i_j,k_l_var(--m_n,o_p))",
+        "root": "bg",
+        "value": {
+          "dataType": null,
+          "kind": "arbitrary",
+          "value": "var(--a_b,c d var(--e_f,g h))",
+        },
+        "variants": [],
+      },
+    ]
+  `)
+})
+
+it('should not parse an invalid arbitrary shorthand modifier', () => {
+  let utilities = new Utilities()
+  utilities.functional('bg', () => [])
+
+  // Completely empty
+  expect(run('bg-red-500/()', { utilities })).toMatchInlineSnapshot(`[]`)
+
+  // Invalid due to leading spaces
+  expect(run('bg-red-500/(_--)', { utilities })).toMatchInlineSnapshot(`[]`)
+  expect(run('bg-red-500/(_--x)', { utilities })).toMatchInlineSnapshot(`[]`)
+
+  // Invalid due to leading spaces
+  expect(run('bg-red-500/(_--)', { utilities })).toMatchInlineSnapshot(`[]`)
+  expect(run('bg-red-500/(_--x)', { utilities })).toMatchInlineSnapshot(`[]`)
+
+  // Invalid due to top-level `;` or `}` characters
+  expect(run('bg-red-500/(--x;--y)', { utilities })).toMatchInlineSnapshot(`[]`)
+  expect(run('bg-red-500/(--x:{foo:bar})', { utilities })).toMatchInlineSnapshot(`[]`)
+
+  // Valid, but ensuring that we didn't make an off-by-one error
+  expect(run('bg-red-500/(--x)', { utilities })).toMatchInlineSnapshot(`
+    [
+      {
+        "important": false,
+        "kind": "functional",
+        "modifier": {
+          "kind": "arbitrary",
+          "value": "var(--x)",
+        },
+        "raw": "bg-red-500/(--x)",
+        "root": "bg",
+        "value": {
+          "fraction": null,
+          "kind": "named",
+          "value": "red-500",
+        },
+        "variants": [],
+      },
+    ]
+  `)
+})
+
+it('should not parse an invalid arbitrary shorthand value', () => {
+  let utilities = new Utilities()
+  utilities.functional('bg', () => [])
+
+  // Completely empty
+  expect(run('bg-()', { utilities })).toMatchInlineSnapshot(`[]`)
+
+  // Invalid due to leading spaces
+  expect(run('bg-(_--)', { utilities })).toMatchInlineSnapshot(`[]`)
+  expect(run('bg-(_--x)', { utilities })).toMatchInlineSnapshot(`[]`)
+
+  // Invalid due to leading spaces
+  expect(run('bg-(_--)', { utilities })).toMatchInlineSnapshot(`[]`)
+  expect(run('bg-(_--x)', { utilities })).toMatchInlineSnapshot(`[]`)
+
+  // Invalid due to top-level `;` or `}` characters
+  expect(run('bg-(--x;--y)', { utilities })).toMatchInlineSnapshot(`[]`)
+  expect(run('bg-(--x:{foo:bar})', { utilities })).toMatchInlineSnapshot(`[]`)
+
+  // Valid, but ensuring that we didn't make an off-by-one error
+  expect(run('bg-(--x)', { utilities })).toMatchInlineSnapshot(`
+    [
+      {
+        "important": false,
+        "kind": "functional",
+        "modifier": null,
+        "raw": "bg-(--x)",
+        "root": "bg",
+        "value": {
+          "dataType": null,
+          "kind": "arbitrary",
+          "value": "var(--x)",
+        },
+        "variants": [],
+      },
+    ]
+  `)
 })
 
 it('should not parse a utility with an implicit invalid variable as the modifier using the shorthand', () => {
diff --git a/packages/tailwindcss/src/candidate.ts b/packages/tailwindcss/src/candidate.ts
index aff6d74dc116..5a5704989a30 100644
--- a/packages/tailwindcss/src/candidate.ts
+++ b/packages/tailwindcss/src/candidate.ts
@@ -411,7 +411,10 @@ export function* parseCandidate(input: string, designSystem: DesignSystem): Iter
 
     // An arbitrary value with `(…)` should always start with `--` since it
     // represents a CSS variable.
-    if (value[0] !== '-' && value[1] !== '-') return
+    if (value[0] !== '-' || value[1] !== '-') return
+
+    // Values can't contain `;` or `}` characters at the top-level.
+    if (!isValidArbitrary(value)) return
 
     roots = [[root, dataType === null ? `[var(${value})]` : `[${dataType}:var(${value})]`]]
   }
@@ -523,21 +526,24 @@ function parseModifier(modifier: string): CandidateModifier | null {
   }
 
   if (modifier[0] === '(' && modifier[modifier.length - 1] === ')') {
-    let arbitraryValue = decodeArbitraryValue(modifier.slice(1, -1))
+    // Drop the `(` and `)` characters
+    modifier = modifier.slice(1, -1)
+
+    // A modifier with `(…)` should always start with `--` since it
+    // represents a CSS variable.
+    if (modifier[0] !== '-' || modifier[1] !== '-') return null
 
     // Values can't contain `;` or `}` characters at the top-level.
-    if (!isValidArbitrary(arbitraryValue)) return null
+    if (!isValidArbitrary(modifier)) return null
 
-    // Empty arbitrary values are invalid. E.g.: `data-():`
-    //                                                 ^^
-    if (arbitraryValue.length === 0 || arbitraryValue.trim().length === 0) return null
+    // Wrap the value in `var(…)` to ensure that it is a valid CSS variable.
+    modifier = `var(${modifier})`
 
-    // Arbitrary values must start with `--` since it represents a CSS variable.
-    if (arbitraryValue[0] !== '-' && arbitraryValue[1] !== '-') return null
+    let arbitraryValue = decodeArbitraryValue(modifier)
 
     return {
       kind: 'arbitrary',
-      value: `var(${arbitraryValue})`,
+      value: arbitraryValue,
     }
   }
 
@@ -679,7 +685,7 @@ export function parseVariant(variant: string, designSystem: DesignSystem): Varia
             if (arbitraryValue.length === 0 || arbitraryValue.trim().length === 0) return null
 
             // Arbitrary values must start with `--` since it represents a CSS variable.
-            if (arbitraryValue[0] !== '-' && arbitraryValue[1] !== '-') return null
+            if (arbitraryValue[0] !== '-' || arbitraryValue[1] !== '-') return null
 
             return {
               kind: 'functional',
@@ -1030,7 +1036,7 @@ function recursivelyEscapeUnderscores(ast: ValueParser.ValueAstNode[]) {
       case 'word': {
         // Dashed idents and variables `var(--my-var)` and `--my-var` should not
         // have underscores escaped
-        if (node.value[0] !== '-' && node.value[1] !== '-') {
+        if (node.value[0] !== '-' || node.value[1] !== '-') {
           node.value = escapeUnderscore(node.value)
         }
         break