diff --git a/CHANGES.md b/CHANGES.md
index 7c0d422f..4eec8a42 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -12,9 +12,10 @@ details.
 
 - Add initial OCaml 5.3 support (#487, @NathanReb, @hhugo, @nojb)
 
-- Initialise OCaml 5.3's lexer with the `keywords` setting from `OCAMLPARAM` to
-  allow the standalone ppx driver to process old packages using `effect` as an
-  identifier (#535, @dra27)
+- Initialise OCaml 5.3's lexer with the `keywords` setting from `OCAMLPARAM` or
+  the new `-keywords` driver's CLI option to allow the standalone ppx driver to
+  process old packages using `effect` as an identifier
+  (#535, @dra27, @NathanReb)
 
 ### Other changes
 
diff --git a/astlib/keyword.ml b/astlib/keyword.ml
index e2beb24a..7822e4e0 100644
--- a/astlib/keyword.ml
+++ b/astlib/keyword.ml
@@ -58,26 +58,43 @@ let is_keyword = function
   | "asr" -> true
   | _ -> false
 
-let apply_keyword_edition () =
-  match Sys.getenv "OCAMLPARAM" with
-  | s ->
-      let items =
-        if String.equal s "" then []
-        else
-          (* cf. Compenv.parse_args *)
-          match s.[0] with
-          | (':' | '|' | ';' | ' ' | ',') as c ->
-              List.tl (String.split_on_char c s)
-          | _ -> String.split_on_char ',' s
-      in
-      let fold_settings acc item =
-        let len = String.length item in
-        if len >= 9 && String.sub item 0 9 = "keywords=" then
-          Some (String.sub item 9 (len - 9))
-        else acc
-      in
-      let keyword_edition = List.fold_left fold_settings None items in
-      (*IF_AT_LEAST 503 let () = if Option.is_some keyword_edition then Clflags.keyword_edition := keyword_edition in*)
-      (*IF_NOT_AT_LEAST 503 let () = ignore keyword_edition in*)
-      ()
-  | exception Not_found -> ()
+let apply_keyword_edition ~cli () =
+  let from_ocaml_param =
+    match Sys.getenv "OCAMLPARAM" with
+    | s ->
+        let items =
+          if String.equal s "" then []
+          else
+            (* cf. Compenv.parse_args *)
+            match s.[0] with
+            | (':' | '|' | ';' | ' ' | ',') as c ->
+                List.tl (String.split_on_char c s)
+            | _ -> String.split_on_char ',' s
+        in
+        let fold_settings (acc, after_cli) item =
+          match (item, acc) with
+          | "_", None -> (acc, true)
+          | _ ->
+              let len = String.length item in
+              if len >= 9 && String.sub item 0 9 = "keywords=" then
+                (Some (String.sub item 9 (len - 9)), after_cli)
+              else (acc, after_cli)
+        in
+        let from_ocaml_param, after_cli =
+          List.fold_left fold_settings (None, false) items
+        in
+        (match from_ocaml_param with
+        | None -> None
+        | Some s -> Some (s, after_cli))
+    | exception Not_found -> None
+  in
+  let keyword_edition =
+    match cli, from_ocaml_param with
+    | None, None -> None
+    | None, Some (s, _)
+    | Some _, Some (s, true) -> Some s
+    | _ -> cli
+  in
+  (*IF_AT_LEAST 503 let () = if Option.is_some keyword_edition then Clflags.keyword_edition := keyword_edition in*)
+  (*IF_NOT_AT_LEAST 503 let () = ignore keyword_edition in*)
+  ()
diff --git a/astlib/keyword.mli b/astlib/keyword.mli
index a7977796..00dd5067 100644
--- a/astlib/keyword.mli
+++ b/astlib/keyword.mli
@@ -1,6 +1,7 @@
 val is_keyword : string -> bool
 (** Check if a string is an OCaml keyword. *)
 
-val apply_keyword_edition : unit -> unit
+val apply_keyword_edition : cli:string option -> unit -> unit
 (** Processes any keywords= sections from the OCAMLPARAM environment variable
-    and initialises the compiler's lexer with the correct keyword set. *)
+    and CLI option and initialises the compiler's lexer with the correct keyword
+    set. *)
diff --git a/src/driver.ml b/src/driver.ml
index ac20acf0..47614851 100644
--- a/src/driver.ml
+++ b/src/driver.ml
@@ -24,6 +24,7 @@ let pretty = ref false
 let styler = ref None
 let output_metadata_filename = ref None
 let corrected_suffix = ref ".ppx-corrected"
+let keywords = ref None
 
 let ghost =
   object
@@ -1409,6 +1410,14 @@ let standalone_args =
     ( "-corrected-suffix",
       Arg.Set_string corrected_suffix,
       "SUFFIX Suffix to append to corrected files" );
+    ( "-keywords",
+      Arg.String (fun s -> keywords := Some s),
+      "<version+list> Set keywords according to the version+list \
+       specification. Allows using a set of keywords different from the one of \
+       the current compiler for backword compatibility." );
+    ( "--keywords",
+      Arg.String (fun s -> keywords := Some s),
+      "<version+list> Same as -keywords" );
   ]
 
 let get_args ?(standalone_args = standalone_args) () =
@@ -1417,8 +1426,8 @@ let get_args ?(standalone_args = standalone_args) () =
 let standalone_main () =
   let usage = Printf.sprintf "%s [extra_args] [<files>]" exe_name in
   let args = get_args () in
-  Astlib.Keyword.apply_keyword_edition ();
   Arg.parse (Arg.align args) set_input usage;
+  Astlib.Keyword.apply_keyword_edition ~cli:(!keywords) ();
   interpret_mask ();
   if !request_print_transformations then (
     print_transformations ();
diff --git a/test/driver/keywords-option/driver.ml b/test/driver/keywords-option/driver.ml
new file mode 100644
index 00000000..e3cba404
--- /dev/null
+++ b/test/driver/keywords-option/driver.ml
@@ -0,0 +1 @@
+let () = Ppxlib.Driver.standalone ()
diff --git a/test/driver/keywords-option/dune b/test/driver/keywords-option/dune
new file mode 100644
index 00000000..d0360a7f
--- /dev/null
+++ b/test/driver/keywords-option/dune
@@ -0,0 +1,10 @@
+(executable
+ (name driver)
+ (enabled_if
+  (>= %{ocaml_version} "5.3"))
+ (libraries ppxlib))
+
+(cram
+ (enabled_if
+  (>= %{ocaml_version} "5.3"))
+ (deps driver.exe))
diff --git a/test/driver/keywords-option/run.t b/test/driver/keywords-option/run.t
new file mode 100644
index 00000000..df14e651
--- /dev/null
+++ b/test/driver/keywords-option/run.t
@@ -0,0 +1,38 @@
+This test can only work with OCaml 5.3 or higher.
+
+OCaml 5.3 introduced the new `effect` keyword. To allow old code to compile
+under 5.3 it also introduced a `-keyword=version+list` CLI option, allowing one to
+override the set of keywords.
+
+The ppxlib driver also has such an option now to properly configure the lexer before
+attempting to parse source code.
+
+Let's consider the following source file:
+
+  $ cat > test.ml << EOF
+  > let effect = 1
+  > EOF
+
+If passed to the driver as is, it will trigger a parse error:
+
+  $ ./driver.exe --impl test.ml -o ignore.ml
+  File "test.ml", line 1, characters 4-10:
+  1 | let effect = 1
+          ^^^^^^
+  Error: Syntax error
+  [1]
+
+Now, if we use the 5.2 set of keywords, it should happily handle the file:
+
+  $ ./driver.exe --keywords 5.2 --impl test.ml -o ignore.ml
+
+It can also be set using OCAMLPARAM:
+
+  $ OCAMLPARAM=_,keywords=5.2 ./driver.exe --impl test.ml -o ignore.ml
+
+The priority between the CLI option and OCAMLPARAM must be respected, therefore
+both of the following invocation should parse:
+
+  $ OCAMLPARAM=_,keywords=5.2 ./driver.exe --keywords 5.3 --impl test.ml -o ignore.ml
+
+  $ OCAMLPARAM=keywords=5.3,_ ./driver.exe --keywords 5.2 --impl test.ml -o ignore.ml