diff --git a/CHANGELOG.md b/CHANGELOG.md
index b4558db7a6..62f9def8db 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,10 @@
 # Changelog
 
+## [Unreleased]
+
+### Fixed
+*  Incorrect indentation of compiler-conditional accessibility modifier for module definition. [#2867](https://github.com/fsprojects/fantomas/issues/2867)
+
 ## [6.0.1] - 2023-04-19
 
 ### Fixed
diff --git a/src/Fantomas.Core.Tests/CompilerDirectivesTests.fs b/src/Fantomas.Core.Tests/CompilerDirectivesTests.fs
index a908a74cab..460142e85c 100644
--- a/src/Fantomas.Core.Tests/CompilerDirectivesTests.fs
+++ b/src/Fantomas.Core.Tests/CompilerDirectivesTests.fs
@@ -3206,3 +3206,83 @@ fun config ->
 #if LOGGING_DEBUG
 #endif
 """
+
+[<Test>]
+let ``incorrect indentation of compiler-conditional accessibility modifier for module definition, 2867`` () =
+    formatSourceString
+        false
+        """
+module
+#if DEBUG
+#else
+    internal
+#endif
+    A =
+        let f x = x + x
+"""
+        config
+    |> prepend newline
+    |> should
+        equal
+        """
+module
+#if DEBUG
+#else
+    internal
+#endif
+    A =
+    let f x = x + x
+"""
+
+[<Test>]
+let ``incorrect indentation of compiler-conditional accessibility modifier for module definition, no defines`` () =
+    formatSourceStringWithDefines
+        []
+        """
+module
+#if DEBUG
+#else
+    internal
+#endif
+    A =
+        let f x = x + x
+"""
+        config
+    |> prepend newline
+    |> should
+        equal
+        """
+module
+#if DEBUG
+#else
+    internal
+#endif
+    A =
+    let f x = x + x
+"""
+
+[<Test>]
+let ``incorrect indentation of compiler-conditional accessibility modifier for module definition, DEBUG`` () =
+    formatSourceStringWithDefines
+        [ "DEBUG" ]
+        """
+module
+#if DEBUG
+#else
+    internal
+#endif
+    A =
+        let f x = x + x
+"""
+        config
+    |> prepend newline
+    |> should
+        equal
+        """
+module
+#if DEBUG
+#else
+#endif
+    A =
+    let f x = x + x
+"""
diff --git a/src/Fantomas.Core/CodePrinter.fs b/src/Fantomas.Core/CodePrinter.fs
index 67ea9875af..ef787fa2a0 100644
--- a/src/Fantomas.Core/CodePrinter.fs
+++ b/src/Fantomas.Core/CodePrinter.fs
@@ -3203,6 +3203,15 @@ let genImplicitConstructor (node: ImplicitConstructorNode) =
             +> sepSpace)
         node.Self
 
+let hasTriviaAfterLeadingKeyword (identifier: IdentListNode) (accessibility: SingleTextNode option) =
+    let beforeAccess =
+        match accessibility with
+        | Some n -> n.HasContentBefore
+        | _ -> false
+
+    let beforeIdentifier = identifier.HasContentBefore
+    beforeAccess || beforeIdentifier
+
 let genTypeDefn (td: TypeDefn) =
     let typeDefnNode = TypeDefn.TypeDefnNode td
     let typeName = typeDefnNode.TypeName
@@ -3213,13 +3222,7 @@ let genTypeDefn (td: TypeDefn) =
 
         // Workaround for https://github.com/fsprojects/fantomas/issues/628
         let hasTriviaAfterLeadingKeyword =
-            let beforeAccess =
-                match typeName.Accessibility with
-                | Some n -> n.HasContentBefore
-                | _ -> false
-
-            let beforeIdentifier = typeName.Identifier.HasContentBefore
-            beforeAccess || beforeIdentifier
+            hasTriviaAfterLeadingKeyword typeName.Identifier typeName.Accessibility
 
         genXml typeName.XmlDoc
         +> onlyIfNot hasAndKeyword (genAttributes typeName.Attributes)
@@ -3712,13 +3715,19 @@ let genModuleDecl (md: ModuleDecl) =
         +> genIdentListNode node.Alias
         |> genNode (ModuleDecl.Node md)
     | ModuleDecl.NestedModule node ->
+        // Workaround for https://github.com/fsprojects/fantomas/issues/2867
+        let hasTriviaAfterLeadingKeyword =
+            hasTriviaAfterLeadingKeyword node.Identifier node.Accessibility
+
         genXml node.XmlDoc
         +> genAttributes node.Attributes
         +> genSingleTextNode node.Module
         +> sepSpace
+        +> onlyIf hasTriviaAfterLeadingKeyword indent
         +> genAccessOpt node.Accessibility
         +> onlyIf node.IsRecursive (sepSpace +> !- "rec" +> sepSpace)
         +> genIdentListNode node.Identifier
+        +> onlyIf hasTriviaAfterLeadingKeyword unindent
         +> sepSpace
         +> genSingleTextNode node.Equals
         +> indentSepNlnUnindent (