diff --git a/xla/pjrt/tracked_device_buffer.cc b/xla/pjrt/tracked_device_buffer.cc
index 16ab8a669da699..ca551c4aa81b83 100644
--- a/xla/pjrt/tracked_device_buffer.cc
+++ b/xla/pjrt/tracked_device_buffer.cc
@@ -25,6 +25,7 @@ limitations under the License.
 #include <utility>
 #include <vector>
 
+#include "absl/container/flat_hash_map.h"
 #include "absl/functional/any_invocable.h"
 #include "absl/status/status.h"
 #include "absl/synchronization/mutex.h"
@@ -139,7 +140,6 @@ bool BufferSequencingEvent::IsComplete() {
 
 void BufferSequencingEvent::ExecuteOrAddToFutureTasks(
     const std::string& task_name, std::function<void()> task) {
-  absl::MutexLock lock(&mu_);
   tsl::profiler::TraceMeProducer producer(
       "BufferSequencingEvent::ExecuteOrAddToFutureTasks",
       tsl::profiler::ContextType::kPjRt);
@@ -150,17 +150,33 @@ void BufferSequencingEvent::ExecuteOrAddToFutureTasks(
                                             context_id);
     task();
   };
-  if (defined_status_.IsConcrete()) {
-    thread_pool_->Schedule(std::move(wrapped_task));
-    return;
+  {
+    absl::MutexLock lock(&mu_);
+    if (!defined_status_.IsConcrete()) {
+      on_ready_tasks_callback_[task_name] = std::move(wrapped_task);
+      return;
+    }
+    // Release the lock to avoid deadlock, in the case where the
+    // thread_pool_->Schedule() executes wrapped_task inline.
+    // This is rare but could happen. The callbacks could potentially try to
+    // acquire the mutex of this BufferSequencingEvent.
   }
-  on_ready_tasks_callback_[task_name] = std::move(wrapped_task);
+  thread_pool_->Schedule(std::move(wrapped_task));
 }
 
 void BufferSequencingEvent::ExecuteFutureTasks() {
-  absl::MutexLock lock(&mu_);
+  absl::flat_hash_map<std::string, std::function<void()>>
+      on_ready_tasks_callback;
+  {
+    absl::MutexLock lock(&mu_);
+    on_ready_tasks_callback = std::move(on_ready_tasks_callback_);
+    // Release the lock to avoid deadlock, in the case where the
+    // thread_pool_->Schedule() executes call_all_task_callbacks inline.
+    // This is rare but could happen. The callbacks could potentially try to
+    // acquire the mutex of this BufferSequencingEvent.
+  }
   auto call_all_task_callbacks = [on_ready_tasks_callback =
-                                      std::move(on_ready_tasks_callback_)]() {
+                                      std::move(on_ready_tasks_callback)]() {
     for (auto& [task_name, task_callback] : on_ready_tasks_callback) {
       task_callback();
     }