diff --git a/packages/rest/src/__tests__/unit/request-body.validator.test.ts b/packages/rest/src/__tests__/unit/request-body.validator.test.ts
index 079d21c117c7..cc0c2f7e8d5e 100644
--- a/packages/rest/src/__tests__/unit/request-body.validator.test.ts
+++ b/packages/rest/src/__tests__/unit/request-body.validator.test.ts
@@ -58,6 +58,44 @@ describe('validateRequestBody', () => {
     );
   });
 
+  // Test for https://github.com/strongloop/loopback-next/issues/3234
+  it('honors options for AJV validator caching', () => {
+    // 1. Trigger a validation with `{coerceTypes: false}`
+    validateRequestBody(
+      {
+        value: {city: 'San Jose', unit: 123, isOwner: true},
+        schema: ADDRESS_SCHEMA,
+      },
+      aBodySpec(ADDRESS_SCHEMA),
+      {},
+      {coerceTypes: false},
+    );
+
+    // 2. Trigger a validation with `{coerceTypes: true}`
+    validateRequestBody(
+      {
+        value: {city: 'San Jose', unit: '123', isOwner: 'true'},
+        schema: ADDRESS_SCHEMA,
+      },
+      aBodySpec(ADDRESS_SCHEMA),
+      {},
+      {coerceTypes: true},
+    );
+
+    // 3. Trigger a validation with `{coerceTypes: false}` with invalid data
+    expect(() =>
+      validateRequestBody(
+        {
+          value: {city: 'San Jose', unit: '123', isOwner: true},
+          schema: ADDRESS_SCHEMA,
+        },
+        aBodySpec(ADDRESS_SCHEMA),
+        {},
+        {coerceTypes: false},
+      ),
+    ).to.throw(/The request body is invalid/);
+  });
+
   it('rejects data missing a required property', () => {
     const details: RestHttpErrors.ValidationErrorDetails[] = [
       {
diff --git a/packages/rest/src/types.ts b/packages/rest/src/types.ts
index 7b1db3f5299d..fd394d288ade 100644
--- a/packages/rest/src/types.ts
+++ b/packages/rest/src/types.ts
@@ -84,6 +84,14 @@ export type LogError = (
   request: Request,
 ) => void;
 
+/**
+ * Cache for AJV schema validators
+ */
+export type SchemaValidatorCache = WeakMap<
+  SchemaObject | ReferenceObject, // First keyed by schema object
+  Map<string, ajv.ValidateFunction> // Second level keyed by stringified AJV options
+>;
+
 /**
  * Options for request body validation using AJV
  */
@@ -92,10 +100,7 @@ export interface RequestBodyValidationOptions extends ajv.Options {
    * Custom cache for compiled schemas by AJV. This setting makes it possible
    * to skip the default cache.
    */
-  compiledSchemaCache?: WeakMap<
-    SchemaObject | ReferenceObject,
-    ajv.ValidateFunction
-  >;
+  compiledSchemaCache?: SchemaValidatorCache;
 }
 
 /* eslint-disable @typescript-eslint/no-explicit-any */
diff --git a/packages/rest/src/validation/request-body.validator.ts b/packages/rest/src/validation/request-body.validator.ts
index 21941ad7c0a6..63f3841b3c60 100644
--- a/packages/rest/src/validation/request-body.validator.ts
+++ b/packages/rest/src/validation/request-body.validator.ts
@@ -14,7 +14,7 @@ import * as debugModule from 'debug';
 import * as _ from 'lodash';
 import * as util from 'util';
 import {HttpErrors, RequestBody, RestHttpErrors} from '..';
-import {RequestBodyValidationOptions} from '../types';
+import {RequestBodyValidationOptions, SchemaValidatorCache} from '../types';
 
 const toJsonSchema = require('openapi-schema-to-json-schema');
 const debug = debugModule('loopback:rest:validation');
@@ -79,10 +79,24 @@ function convertToJsonSchema(openapiSchema: SchemaObject) {
 /**
  * Built-in cache for complied schemas by AJV
  */
-const DEFAULT_COMPILED_SCHEMA_CACHE = new WeakMap<
-  SchemaObject | ReferenceObject,
-  AJV.ValidateFunction
->();
+const DEFAULT_COMPILED_SCHEMA_CACHE: SchemaValidatorCache = new WeakMap();
+
+/**
+ * Build a cache key for AJV options
+ * @param options - Request body validation options
+ */
+function getKeyForOptions(options: RequestBodyValidationOptions) {
+  const ajvOptions: Record<string, unknown> = {};
+  // Sort keys for options
+  const keys = Object.keys(
+    options,
+  ).sort() as (keyof RequestBodyValidationOptions)[];
+  for (const k of keys) {
+    if (k === 'compiledSchemaCache') continue;
+    ajvOptions[k] = options[k];
+  }
+  return JSON.stringify(ajvOptions);
+}
 
 /**
  * Validate the request body data against JSON schema.
@@ -98,15 +112,22 @@ function validateValueAgainstSchema(
   globalSchemas: SchemasObject = {},
   options: RequestBodyValidationOptions = {},
 ) {
-  let validate: AJV.ValidateFunction;
+  let validate: AJV.ValidateFunction | undefined;
 
   const cache = options.compiledSchemaCache || DEFAULT_COMPILED_SCHEMA_CACHE;
+  const key = getKeyForOptions(options);
 
+  let validatorMap: Map<string, AJV.ValidateFunction> | undefined;
   if (cache.has(schema)) {
-    validate = DEFAULT_COMPILED_SCHEMA_CACHE.get(schema)!;
-  } else {
+    validatorMap = cache.get(schema)!;
+    validate = validatorMap.get(key);
+  }
+
+  if (!validate) {
     validate = createValidator(schema, globalSchemas, options);
-    cache.set(schema, validate);
+    validatorMap = validatorMap || new Map();
+    validatorMap.set(key, validate);
+    cache.set(schema, validatorMap);
   }
 
   if (validate(body)) {