diff --git a/src/lightning/pytorch/CHANGELOG.md b/src/lightning/pytorch/CHANGELOG.md
index db85bcd1adfaf..107c389dba590 100644
--- a/src/lightning/pytorch/CHANGELOG.md
+++ b/src/lightning/pytorch/CHANGELOG.md
@@ -28,7 +28,7 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 
 ### Fixed
 
--
+- Fixed `AsyncCheckpointIO` snapshots tensors to avoid race with parameter mutation ([#21079](https://github.com/Lightning-AI/pytorch-lightning/pull/21079))
 
 
 - Fixed learning rate not being correctly set after using `LearningRateFinder` callback ([#21068](https://github.com/Lightning-AI/pytorch-lightning/pull/21068))
diff --git a/src/lightning/pytorch/plugins/io/async_plugin.py b/src/lightning/pytorch/plugins/io/async_plugin.py
index 67c02189c541e..d174a3d0ed1ea 100644
--- a/src/lightning/pytorch/plugins/io/async_plugin.py
+++ b/src/lightning/pytorch/plugins/io/async_plugin.py
@@ -15,6 +15,8 @@
 from concurrent.futures import ThreadPoolExecutor
 from typing import Any, Optional
 
+import torch
+from lightning_utilities.core.apply_func import apply_to_collection
 from typing_extensions import override
 
 from lightning.fabric.plugins import CheckpointIO
@@ -41,6 +43,17 @@ def __init__(self, checkpoint_io: Optional["CheckpointIO"] = None) -> None:
     def save_checkpoint(self, *args: Any, **kwargs: Any) -> None:
         """Uses the ``ThreadPoolExecutor`` to save the checkpoints using the base ``checkpoint_io``."""
 
+        # snapshot the checkpoint payload on the caller thread to avoid races with parameter mutation
+        def _clone_tensor(t: torch.Tensor) -> torch.Tensor:
+            # detach to avoid autograd history and clone to take a point-in-time copy
+            return t.detach().clone()
+
+        # rebuild args/kwargs with a cloned checkpoint (supports positional or kw form)
+        if "checkpoint" in kwargs:
+            kwargs = {**kwargs, "checkpoint": apply_to_collection(kwargs["checkpoint"], torch.Tensor, _clone_tensor)}
+        elif len(args) >= 1:
+            args = (apply_to_collection(args[0], torch.Tensor, _clone_tensor), *args[1:])
+
         def _save_checkpoint(*args: Any, **kwargs: Any) -> None:
             try:
                 assert self.checkpoint_io is not None
diff --git a/tests/tests_pytorch/plugins/test_async_checkpoint.py b/tests/tests_pytorch/plugins/test_async_checkpoint.py
new file mode 100644
index 0000000000000..0718dab78d75f
--- /dev/null
+++ b/tests/tests_pytorch/plugins/test_async_checkpoint.py
@@ -0,0 +1,53 @@
+import time
+from typing import Any, Optional
+
+import pytest
+import torch
+
+from lightning.fabric.plugins.io.checkpoint_io import CheckpointIO
+from lightning.pytorch.plugins.io.async_plugin import AsyncCheckpointIO
+
+
+class _CaptureCheckpointIO(CheckpointIO):
+    def __init__(self) -> None:
+        self.saved: Optional[dict[str, Any]] = None
+
+    def save_checkpoint(self, checkpoint: dict[str, Any], path: str, storage_options: Optional[Any] = None) -> None:
+        # Simulate some delay to increase race window
+        time.sleep(0.05)
+        # Store the received checkpoint object (not a deep copy) to inspect tensor values
+        self.saved = checkpoint
+
+    def load_checkpoint(self, path: str, map_location: Optional[Any] = None) -> dict[str, Any]:
+        raise NotImplementedError
+
+    def remove_checkpoint(self, path: str) -> None:
+        pass
+
+
+@pytest.mark.filterwarnings("ignore::DeprecationWarning")
+def test_async_checkpoint_should_snapshot_values_before_mutation():
+    base = _CaptureCheckpointIO()
+    async_io = AsyncCheckpointIO(checkpoint_io=base)
+
+    # a tensor that we will mutate after scheduling the save
+    t = torch.tensor([0.0])
+    ckpt = {"w": t}
+
+    # schedule async save
+    async_io.save_checkpoint(ckpt, path="unused")
+
+    # mutate immediately afterward to mimic training thread stepping params
+    t.add_(1.0)
+
+    # ensure background thread finished
+    async_io.teardown()
+
+    assert base.saved is not None, "Async save did not run"
+
+    # EXPECTATION: AsyncCheckpointIO should have captured value 0.0 (pre-mutation)
+    # CURRENT BEHAVIOR (bug): it captures 1.0 because the dict holds references
+    assert torch.allclose(base.saved["w"], torch.tensor([0.0])), (
+        "AsyncCheckpointIO must snapshot the checkpoint (clone tensors) on the main thread "
+        "to avoid races with parameter mutation; got mutated value instead"
+    )