diff --git a/cpp/build-support/build-lz4-lib.sh b/cpp/build-support/build-lz4-lib.sh
index fa4c61b48d4a7..d350dbce39f1e 100755
--- a/cpp/build-support/build-lz4-lib.sh
+++ b/cpp/build-support/build-lz4-lib.sh
@@ -19,7 +19,7 @@
 #
 export CFLAGS="${CFLAGS} -O3 -fPIC"
 if [ -z "$MAKELEVEL" ]; then
-  make -j4 "$@"
+  make -j4 CFLAGS="$CFLAGS" "$@"
 else
-  make "$@"
+  make CFLAGS="$CFLAGS" "$@"
 fi
diff --git a/cpp/thirdparty/versions.txt b/cpp/thirdparty/versions.txt
index 43a27cddfc061..f366293351c7b 100644
--- a/cpp/thirdparty/versions.txt
+++ b/cpp/thirdparty/versions.txt
@@ -35,7 +35,7 @@ GLOG_VERSION=v0.3.5
 GRPC_VERSION=v1.24.3
 GTEST_VERSION=1.8.1
 JEMALLOC_VERSION=5.2.1
-LZ4_VERSION=v1.8.3
+LZ4_VERSION=v1.9.2
 # Need post-v1.0.6 version for https://github.com/microsoft/mimalloc/pull/140,
 # https://github.com/microsoft/mimalloc/pull/145 and
 # https://github.com/microsoft/mimalloc/pull/148