diff --git a/CHANGES.md b/CHANGES.md
index 42f7444ca..448997e36 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,5 +1,14 @@
 # Release Notes
 
+## 2.4.1
+
+This release fixes `pex --only-binary X --lock ...` to work with lock
+files also created with `--only-binary X`. The known case here is a
+`--style universal` lock created with `--only-binary X` to achieve a
+partially wheel-only universal lock.
+
+* Fix `pex --only-binary X --lock ...`. (#2433)
+
 ## 2.4.0
 
 This release brings new support for preserving arguments passed to the
diff --git a/pex/resolve/lock_resolver.py b/pex/resolve/lock_resolver.py
index 6dbba8291..983722427 100644
--- a/pex/resolve/lock_resolver.py
+++ b/pex/resolve/lock_resolver.py
@@ -103,9 +103,13 @@ def __init__(
         self._network_configuration = network_configuration
         self._password_entries = password_entries
         self._cache = cache
+
+        # Since a VCSArtifactDownloadManager is only used for VCS requirements, a build is both
+        # required and preferred by the user.
         self._build_configuration = attr.evolve(
-            build_configuration, allow_wheels=False, allow_builds=True, prefer_older_binary=False
+            build_configuration, allow_builds=True, prefer_older_binary=False
         )
+
         self._pip_version = pip_version
         self._resolver = resolver
         self._use_pip_config = use_pip_config
diff --git a/pex/version.py b/pex/version.py
index e129d8425..7738a09ca 100644
--- a/pex/version.py
+++ b/pex/version.py
@@ -1,4 +1,4 @@
 # Copyright 2015 Pex project contributors.
 # Licensed under the Apache License, Version 2.0 (see LICENSE).
 
-__version__ = "2.4.0"
+__version__ = "2.4.1"
diff --git a/tests/integration/test_issue_2432.py b/tests/integration/test_issue_2432.py
new file mode 100644
index 000000000..e76c704cb
--- /dev/null
+++ b/tests/integration/test_issue_2432.py
@@ -0,0 +1,85 @@
+# Copyright 2024 Pex project contributors.
+# Licensed under the Apache License, Version 2.0 (see LICENSE).
+
+import os.path
+from textwrap import dedent
+
+from pex.compatibility import commonpath
+from pex.targets import LocalInterpreter
+from pex.typing import TYPE_CHECKING
+from testing import run_pex_command
+from testing.cli import run_pex3
+
+if TYPE_CHECKING:
+    from typing import Any, Iterable, Optional
+
+
+def test_lock_use_no_build_wheel(tmpdir):
+    # type: (Any)-> None
+
+    lock = os.path.join(str(tmpdir), "lock")
+    run_pex3(
+        "lock",
+        "create",
+        "ansicolors==1.1.8",
+        "--only-binary",
+        "ansicolors",
+        "-o",
+        lock,
+        "--style",
+        "universal",
+        "--indent",
+        "2",
+    ).assert_success()
+
+    def assert_pex_from_lock(
+        extra_args=(),  # type: Iterable[str]
+        expected_error=None,  # type: Optional[str]
+    ):
+        # type: (...) -> None
+
+        pex_root = os.path.realpath(os.path.join(str(tmpdir), "pex_root"))
+        args = [
+            "--pex-root",
+            pex_root,
+            "--runtime-pex-root",
+            pex_root,
+            "--lock",
+            lock,
+            "--",
+            "-c",
+            "import colors, os; print(os.path.realpath(colors.__file__))",
+        ]
+        result = run_pex_command(args=list(extra_args) + args)
+        if expected_error:
+            result.assert_failure()
+            assert expected_error in result.error
+        else:
+            result.assert_success()
+            assert pex_root == commonpath((pex_root, result.output.strip()))
+
+    assert_pex_from_lock()
+
+    # A redundant --only-binary should not matter.
+    assert_pex_from_lock(extra_args=["--only-binary", "ansicolors"])
+
+    # An extraneous --only-build should not matter.
+    assert_pex_from_lock(extra_args=["--only-build", "cowsay"])
+
+    # However; a conflicting --only-build should matter.
+    assert_pex_from_lock(
+        extra_args=["--only-build", "ansicolors"],
+        expected_error=dedent(
+            """\
+            Failed to resolve all requirements for {target_description} from {lock}:
+
+            Configured with:
+                build: True
+                only_build: ansicolors
+                use_wheel: True
+
+            Dependency on ansicolors not satisfied, 1 incompatible candidate found:
+            1.) ansicolors 1.1.8 (via: ansicolors==1.1.8) does not have any compatible artifacts:
+            """
+        ).format(lock=lock, target_description=LocalInterpreter.create().render_description()),
+    )