diff --git a/Makefile b/Makefile
index cbc4e96..24b72f2 100644
--- a/Makefile
+++ b/Makefile
@@ -171,4 +171,4 @@ $(CONTROLLER_GEN): $(LOCALBIN)
 .PHONY: envtest
 envtest: $(ENVTEST) ## Download envtest-setup locally if necessary.
 $(ENVTEST): $(LOCALBIN)
-	test -s $(LOCALBIN)/setup-envtest || GOBIN=$(LOCALBIN) go install sigs.k8s.io/controller-runtime/tools/setup-envtest@latest
+	test -s $(LOCALBIN)/setup-envtest || GOBIN=$(LOCALBIN) go install sigs.k8s.io/controller-runtime/tools/setup-envtest@$(ENVTEST_VERSION)
diff --git a/versions.mk b/versions.mk
index ff9d381..684504c 100644
--- a/versions.mk
+++ b/versions.mk
@@ -3,6 +3,10 @@ CONTROLLER_TOOLS_VERSION := v0.13.0
 # ENVTEST_K8S_VERSION refers to the version of kubebuilder assets to be downloaded by envtest binary.
 # NOTE: the suffix .x means wildcard match so specifying the latest patch version.
 ENVTEST_K8S_VERSION := 1.28.x
+# ENVTEST_VERSION is usually latest, but might need to be pinned from time to time.
+# Version pinning is needed due to version incompatibility between controller-runtime and setup-envtest.
+# For more information: https://github.com/kubernetes-sigs/controller-runtime/issues/2744
+ENVTEST_VERSION := bf15e44028f908c790721fc8fe67c7bf2d06a611
 HELM_VERSION := 3.14.0
 KIND_VERSION := v0.20.0
 # It is set by CI using the environment variable, use conditional assignment.