diff --git a/esphome/__main__.py b/esphome/__main__.py
index cc1e12cb3a..c4ba6b54d7 100644
--- a/esphome/__main__.py
+++ b/esphome/__main__.py
@@ -2509,6 +2509,49 @@ def parse_args(argv):
     return parser.parse_args(arguments)
 
 
+def _warn_if_source_tree_mismatch() -> None:
+    """Warn when the checkout the user is standing in is not the one being run.
+
+    An editable install records one absolute path, so a venv shared between git
+    worktrees (or reused after a checkout is copied or renamed) keeps importing
+    the tree it was installed from. Every command then silently runs, and
+    compiles, sources the user is not looking at. Only fires inside a checkout,
+    so ordinary installs never see it.
+    """
+    try:
+        cwd = Path.cwd()
+    except OSError:
+        return  # working directory is gone; a diagnostic must not break startup
+    for candidate in (cwd, *cwd.parents):
+        if (candidate / "esphome" / "__main__.py").is_file():
+            standing_in = candidate.resolve()
+            break
+    else:
+        return  # not inside a checkout; nothing to compare against
+
+    running = Path(__file__).resolve().parent.parent
+    # Both sides are resolved, so on a case-sensitive filesystem this matches
+    # plain equality. samefile() compares device and inode, which additionally
+    # covers a case-insensitive filesystem (macOS) reaching one directory by
+    # differently cased paths. Falls back to equality if either path is gone.
+    try:
+        same = standing_in.samefile(running)
+    except OSError:
+        same = standing_in == running
+    if same:
+        return
+
+    _LOGGER.warning(
+        "Running ESPHome from a different checkout than the one you are in:\n"
+        "  running from: %s\n"
+        "  you are in:   %s\n"
+        "The installed esphome resolves to the first, so its sources are used.\n"
+        "Run 'python -m esphome' from the second to use that one instead.",
+        running,
+        standing_in,
+    )
+
+
 def run_esphome(argv):
     from esphome.address_cache import AddressCache
 
@@ -2527,6 +2570,7 @@ def run_esphome(argv):
         args.log_level = "CRITICAL"
 
     setup_log(log_level=args.log_level)
+    _warn_if_source_tree_mismatch()
 
     if args.command in PRE_CONFIG_ACTIONS:
         try:
diff --git a/tests/unit_tests/test_main.py b/tests/unit_tests/test_main.py
index 6c13cd5f12..14b49a1a05 100644
--- a/tests/unit_tests/test_main.py
+++ b/tests/unit_tests/test_main.py
@@ -18,6 +18,7 @@ import pytest
 from pytest import CaptureFixture
 from zeroconf import ServiceStateChange
 
+from esphome import __main__ as main
 from esphome.__main__ import (
     Purpose,
     _get_configured_xtal_freq,
@@ -6760,3 +6761,144 @@ def test_check_permissions_unreadable_port() -> None:
         pytest.raises(EsphomeError, match="read or write permission"),
     ):
         check_permissions("/dev/ttyUSB99")
+
+
+def _make_checkout(root: Path) -> Path:
+    """Create a directory that looks like an esphome checkout."""
+    (root / "esphome").mkdir(parents=True)
+    (root / "esphome" / "__main__.py").write_text("", encoding="utf-8")
+    return root
+
+
+def test_warn_source_tree_mismatch_warns_for_other_tree(
+    tmp_path: Path,
+    monkeypatch: pytest.MonkeyPatch,
+    caplog: pytest.LogCaptureFixture,
+) -> None:
+    """Standing in a checkout other than the one being run warns."""
+    standing_in = _make_checkout(tmp_path / "worktree")
+    running = _make_checkout(tmp_path / "main")
+    monkeypatch.chdir(standing_in)
+    monkeypatch.setattr(main, "__file__", str(running / "esphome" / "__main__.py"))
+
+    with caplog.at_level(logging.WARNING):
+        main._warn_if_source_tree_mismatch()
+
+    assert "worktree" in caplog.text
+    assert "main" in caplog.text
+
+
+def test_warn_source_tree_mismatch_silent_in_same_tree(
+    tmp_path: Path,
+    monkeypatch: pytest.MonkeyPatch,
+    caplog: pytest.LogCaptureFixture,
+) -> None:
+    """Standing in the tree that is running is the normal case and is silent."""
+    tree = _make_checkout(tmp_path / "main")
+    monkeypatch.chdir(tree)
+    monkeypatch.setattr(main, "__file__", str(tree / "esphome" / "__main__.py"))
+
+    with caplog.at_level(logging.WARNING):
+        main._warn_if_source_tree_mismatch()
+
+    assert not caplog.text
+
+
+def test_warn_source_tree_mismatch_silent_outside_checkout(
+    tmp_path: Path,
+    monkeypatch: pytest.MonkeyPatch,
+    caplog: pytest.LogCaptureFixture,
+) -> None:
+    """An ordinary install run from a config directory never warns."""
+    running = _make_checkout(tmp_path / "main")
+    config_dir = tmp_path / "configs"
+    config_dir.mkdir()
+    monkeypatch.chdir(config_dir)
+    monkeypatch.setattr(main, "__file__", str(running / "esphome" / "__main__.py"))
+
+    with caplog.at_level(logging.WARNING):
+        main._warn_if_source_tree_mismatch()
+
+    assert not caplog.text
+
+
+def test_warn_source_tree_mismatch_silent_in_subdirectory(
+    tmp_path: Path,
+    monkeypatch: pytest.MonkeyPatch,
+    caplog: pytest.LogCaptureFixture,
+) -> None:
+    """A subdirectory of the running tree resolves to that tree, so no warning."""
+    tree = _make_checkout(tmp_path / "main")
+    subdir = tree / "esphome" / "components"
+    subdir.mkdir(parents=True)
+    monkeypatch.chdir(subdir)
+    monkeypatch.setattr(main, "__file__", str(tree / "esphome" / "__main__.py"))
+
+    with caplog.at_level(logging.WARNING):
+        main._warn_if_source_tree_mismatch()
+
+    assert not caplog.text
+
+
+def test_warn_source_tree_mismatch_warns_when_stat_fails_on_other_tree(
+    tmp_path: Path,
+    monkeypatch: pytest.MonkeyPatch,
+    caplog: pytest.LogCaptureFixture,
+) -> None:
+    """The samefile() fallback must still warn when the trees really differ."""
+    standing_in = _make_checkout(tmp_path / "worktree")
+    running = _make_checkout(tmp_path / "main")
+    monkeypatch.chdir(standing_in)
+    monkeypatch.setattr(main, "__file__", str(running / "esphome" / "__main__.py"))
+
+    def raise_oserror(self: Path, other: Path) -> bool:
+        raise OSError("stat failed")
+
+    monkeypatch.setattr(Path, "samefile", raise_oserror)
+
+    with caplog.at_level(logging.WARNING):
+        main._warn_if_source_tree_mismatch()
+
+    assert "worktree" in caplog.text
+
+
+def test_warn_source_tree_mismatch_silent_when_cwd_is_gone(
+    tmp_path: Path,
+    monkeypatch: pytest.MonkeyPatch,
+    caplog: pytest.LogCaptureFixture,
+) -> None:
+    """A deleted working directory must not turn the diagnostic into a traceback."""
+    running = _make_checkout(tmp_path / "main")
+    monkeypatch.setattr(main, "__file__", str(running / "esphome" / "__main__.py"))
+
+    def raise_filenotfound() -> Path:
+        raise FileNotFoundError("cwd is gone")
+
+    monkeypatch.setattr(Path, "cwd", staticmethod(raise_filenotfound))
+
+    with caplog.at_level(logging.WARNING):
+        main._warn_if_source_tree_mismatch()
+
+    assert not caplog.text
+
+
+def test_warn_source_tree_mismatch_falls_back_when_stat_fails(
+    tmp_path: Path,
+    monkeypatch: pytest.MonkeyPatch,
+    caplog: pytest.LogCaptureFixture,
+) -> None:
+    """If samefile() cannot stat, fall back to comparing the paths."""
+    tree = _make_checkout(tmp_path / "main")
+    monkeypatch.chdir(tree)
+    monkeypatch.setattr(main, "__file__", str(tree / "esphome" / "__main__.py"))
+
+    def raise_oserror(self: Path, other: Path) -> bool:
+        raise OSError("stat failed")
+
+    monkeypatch.setattr(Path, "samefile", raise_oserror)
+
+    with caplog.at_level(logging.WARNING):
+        main._warn_if_source_tree_mismatch()
+
+    # Same tree, so the path comparison still finds them equal and stays silent
+    assert not caplog.text