diff --git a/cpp/arcticdb/storage/s3/detail-inl.hpp b/cpp/arcticdb/storage/s3/detail-inl.hpp
index 5e9128e79f..ceb3fc29cb 100644
--- a/cpp/arcticdb/storage/s3/detail-inl.hpp
+++ b/cpp/arcticdb/storage/s3/detail-inl.hpp
@@ -168,6 +168,7 @@ namespace s3 {
         template<class KeyBucketizer>
         void do_read_impl(Composite<VariantKey> &&ks,
                           const ReadVisitor &visitor,
+                          folly::Function<VariantKey(VariantKey&&)> key_decoder,
                           const std::string &root_folder,
                           const std::string &bucket_name,
                           const S3ClientWrapper &s3_client,
@@ -179,7 +180,7 @@ namespace s3 {
 
             (fg::from(ks.as_range()) | fg::move | fg::groupBy(fmt_db)).foreach(
                     [&s3_client, &bucket_name, &root_folder, b = std::move(bucketizer), &visitor, &keys_not_found,
-                            opts = opts](auto &&group) {
+                            &key_decoder, opts = opts](auto &&group) {
 
                         for (auto &k: group.values()) {
                             auto key_type_dir = key_type_folder(root_folder, variant_key_type(k));
@@ -189,13 +190,14 @@ namespace s3 {
                                     s3_object_name,
                                     bucket_name);
 
+                            auto unencoded_key = key_decoder(std::move(k));
                             if (get_object_result.is_success()) {
                                 ARCTICDB_SUBSAMPLE(S3StorageVisitSegment, 0)
 
-                                visitor(k, std::move(get_object_result.get_output()));
+                                visitor(unencoded_key, std::move(get_object_result.get_output()));
 
-                                ARCTICDB_DEBUG(log::storage(), "Read key {}: {}", variant_key_type(k),
-                                               variant_key_view(k));
+                                ARCTICDB_DEBUG(log::storage(), "Read key {}: {}", variant_key_type(unencoded_key),
+                                               variant_key_view(unencoded_key));
                             } else {
                                 auto &error = get_object_result.get_error();
                                 raise_if_unexpected_error(error, s3_object_name);
@@ -203,11 +205,11 @@ namespace s3 {
                                 log::storage().log(
                                     opts.dont_warn_about_missing_key ? spdlog::level::debug : spdlog::level::warn,
                                     "Failed to find segment for key '{}' {}: {}",
-                                    variant_key_view(k),
+                                    variant_key_view(unencoded_key),
                                     error.GetExceptionName().c_str(),
                                     error.GetMessage().c_str());
 
-                                keys_not_found.push_back(k);
+                                keys_not_found.push_back(unencoded_key);
                             }
                         }
                     });
diff --git a/cpp/arcticdb/storage/s3/nfs_backed_storage.cpp b/cpp/arcticdb/storage/s3/nfs_backed_storage.cpp
index 236c8d9f96..f065b966cd 100644
--- a/cpp/arcticdb/storage/s3/nfs_backed_storage.cpp
+++ b/cpp/arcticdb/storage/s3/nfs_backed_storage.cpp
@@ -171,15 +171,11 @@ void NfsBackedStorage::do_update(Composite<KeySegmentPair>&& kvs, UpdateOpts) {
 }
 
 void NfsBackedStorage::do_read(Composite<VariantKey>&& ks, const ReadVisitor& visitor, ReadKeyOpts opts) {
-    auto func = [visitor] (const VariantKey& k, Segment&& seg) mutable {
-        visitor(unencode_object_id(k), std::move(seg));
-    };
-
     auto enc = ks.transform([] (auto&& key) {
         return encode_object_id(key);
     });
 
-    s3::detail::do_read_impl(std::move(enc), func, root_folder_, bucket_name_, *s3_client_, NfsBucketizer{}, opts);
+    s3::detail::do_read_impl(std::move(enc), visitor, unencode_object_id, root_folder_, bucket_name_, *s3_client_, NfsBucketizer{}, opts);
 }
 
 void NfsBackedStorage::do_remove(Composite<VariantKey>&& ks, RemoveOpts) {
diff --git a/cpp/arcticdb/storage/s3/s3_storage.cpp b/cpp/arcticdb/storage/s3/s3_storage.cpp
index 5964161e80..9867ce8c79 100644
--- a/cpp/arcticdb/storage/s3/s3_storage.cpp
+++ b/cpp/arcticdb/storage/s3/s3_storage.cpp
@@ -62,7 +62,7 @@ void S3Storage::do_update(Composite<KeySegmentPair>&& kvs, UpdateOpts) {
 }
 
 void S3Storage::do_read(Composite<VariantKey>&& ks, const ReadVisitor& visitor, ReadKeyOpts opts) {
-    detail::do_read_impl(std::move(ks), visitor, root_folder_, bucket_name_, *s3_client_, FlatBucketizer{}, opts);
+    detail::do_read_impl(std::move(ks), visitor, folly::identity, root_folder_, bucket_name_, *s3_client_, FlatBucketizer{}, opts);
 }
 
 void S3Storage::do_remove(Composite<VariantKey>&& ks, RemoveOpts) {
diff --git a/cpp/arcticdb/storage/test/test_s3_storage.cpp b/cpp/arcticdb/storage/test/test_s3_storage.cpp
index 810243b530..fb7177c33f 100644
--- a/cpp/arcticdb/storage/test/test_s3_storage.cpp
+++ b/cpp/arcticdb/storage/test/test_s3_storage.cpp
@@ -11,6 +11,7 @@
 #include <arcticdb/storage/s3/s3_api.hpp>
 #include <arcticdb/storage/s3/s3_storage.hpp>
 #include <arcticdb/storage/s3/s3_mock_client.hpp>
+#include <arcticdb/storage/s3/nfs_backed_storage.hpp>
 #include <arcticdb/storage/s3/detail-inl.hpp>
 #include <arcticdb/entity/protobufs.hpp>
 #include <arcticdb/entity/variant_key.hpp>
@@ -225,7 +226,38 @@ class S3StorageFixture : public testing::Test {
     S3Storage store;
 };
 
-TEST_F(S3StorageFixture, test_key_exists){
+arcticdb::storage::nfs_backed::NfsBackedStorage::Config get_test_nfs_config() {
+    arcticdb::storage::nfs_backed::NfsBackedStorage::Config cfg;
+    cfg.set_use_mock_storage_for_testing(true);
+    return cfg;
+}
+
+class NfsStorageFixture : public testing::Test {
+protected:
+    NfsStorageFixture():
+        store(LibraryPath("lib", '.'), OpenMode::DELETE, get_test_nfs_config())
+    {}
+
+    arcticdb::storage::nfs_backed::NfsBackedStorage store;
+};
+
+class S3AndNfsStorageFixture : public testing::TestWithParam<std::string> {
+public:
+    std::unique_ptr<Storage> get_storage() {
+        LibraryPath lp{"lib"};
+        if (GetParam() == "nfs") {
+            return std::make_unique<arcticdb::storage::nfs_backed::NfsBackedStorage>(
+                lp, OpenMode::DELETE, get_test_nfs_config());
+        } else if (GetParam() == "s3") {
+            return std::make_unique<S3Storage>(
+                lp, OpenMode::DELETE, S3Settings(get_test_s3_config()));
+        } else {
+            util::raise_rte("Unexpected fixture type {}", GetParam());
+        }
+    }
+};
+
+TEST_F(S3StorageFixture, test_key_exists) {
     write_in_store(store, "symbol");
 
     ASSERT_TRUE(exists_in_store(store, "symbol"));
@@ -245,6 +277,23 @@ TEST_F(S3StorageFixture, test_read){
         UnexpectedS3ErrorException);
 }
 
+TEST_P(S3AndNfsStorageFixture, test_read_missing_key_in_exception){
+    auto s = get_storage();
+    auto& store = *s;
+
+    try {
+        read_in_store(store, "snap-not-present", KeyType::SNAPSHOT_REF);
+        FAIL();
+    } catch (KeyNotFoundException& e) {
+        auto keys = e.keys().as_range();
+        ASSERT_EQ(keys.size(), 1);
+        const auto& key = keys.at(0);
+        ASSERT_EQ(variant_key_id(key), StreamId{"snap-not-present"});
+    }
+}
+
+INSTANTIATE_TEST_SUITE_P(S3AndNfs, S3AndNfsStorageFixture, testing::Values("s3", "nfs"));
+
 TEST_F(S3StorageFixture, test_write){
     write_in_store(store, "symbol");
     ASSERT_THROW(
diff --git a/cpp/arcticdb/version/snapshot.cpp b/cpp/arcticdb/version/snapshot.cpp
index 6afdaf4afd..50359d0f03 100644
--- a/cpp/arcticdb/version/snapshot.cpp
+++ b/cpp/arcticdb/version/snapshot.cpp
@@ -107,7 +107,9 @@ void iterate_snapshots(const std::shared_ptr<Store>& store, folly::Function<void
             visitor(vk);
         } catch (storage::KeyNotFoundException& e) {
             e.keys().broadcast([&vk, &e](const VariantKey& key) {
-                if (key != vk) throw storage::KeyNotFoundException(std::move(e.keys()));
+                if (key != vk) {
+                    throw storage::KeyNotFoundException(std::move(e.keys()));
+                }
             });
             ARCTICDB_DEBUG(log::version(), "Ignored exception due to {} being deleted during iterate_snapshots().");
         }
diff --git a/python/tests/integration/arcticdb/test_s3.py b/python/tests/integration/arcticdb/test_s3.py
index d33e4205ac..b35d3c281e 100644
--- a/python/tests/integration/arcticdb/test_s3.py
+++ b/python/tests/integration/arcticdb/test_s3.py
@@ -6,6 +6,8 @@
 As of the Change Date specified in that file, in accordance with the Business Source License, use of this software will be governed by the Apache License, version 2.0.
 """
 import re
+import time
+from multiprocessing import Queue, Process
 
 import pytest
 import pandas as pd
@@ -78,6 +80,50 @@ def test_nfs_backed_s3_storage(lib_name, nfs_backed_s3_storage):
         assert re.match(bucketized_pattern, o.key), f"Object {o.key} does not match pattern {bucketized_pattern}"
 
 
+def read_repeatedly(version_store, queue: Queue):
+    while True:
+        try:
+            version_store.list_versions("tst")
+        except Exception as e:
+            queue.put(e)
+            raise
+        time.sleep(0.1)
+
+
+def write_repeatedly(version_store):
+    while True:
+        for i in range(10):
+            version_store.snapshot(f"snap-{i}")
+        for i in range(10):
+            version_store.delete_snapshot(f"snap-{i}")
+        time.sleep(0.1)
+
+
+def test_racing_list_and_delete_nfs(nfs_backed_s3_storage, lib_name):
+    """This test is for a regression with NFS where iterating snapshots raced with
+    deleting them, due to a bug in our logic to suppress the KeyNotFoundException."""
+    lib = nfs_backed_s3_storage.create_version_store_factory(lib_name)()
+    lib.write("tst", [1, 2, 3])
+
+    exceptions_in_reader = Queue()
+    reader = Process(target=read_repeatedly, args=(lib, exceptions_in_reader))
+    writer = Process(target=write_repeatedly, args=(lib,))
+
+    try:
+        reader.start()
+        writer.start()
+
+        # Run test for 2 seconds - this was enough for this regression test to reliably fail
+        # 10 times in a row.
+        reader.join(2)
+        writer.join(0.001)
+    finally:
+        writer.terminate()
+        reader.terminate()
+
+    assert exceptions_in_reader.empty()
+
+
 @pytest.fixture(scope="function", params=[MotoNfsBackedS3StorageFixtureFactory, MotoS3StorageFixtureFactory])
 def s3_storage_dots_in_path(request):
     prefix = "some_path/.thing_with_a_dot/even.more.dots/end"