diff --git a/plugins/package-managers/python/src/funTest/assets/projects/synthetic/python-inspector-no-analyze-setup-py/requirements.txt b/plugins/package-managers/python/src/funTest/assets/projects/synthetic/python-inspector-no-analyze-setup-py/requirements.txt
new file mode 100644
index 0000000000000..0cac49fa27b71
--- /dev/null
+++ b/plugins/package-managers/python/src/funTest/assets/projects/synthetic/python-inspector-no-analyze-setup-py/requirements.txt
@@ -0,0 +1 @@
+numexpr==2.10.1
diff --git a/plugins/package-managers/python/src/funTest/kotlin/utils/PythonInspectorFunTest.kt b/plugins/package-managers/python/src/funTest/kotlin/utils/PythonInspectorFunTest.kt
index 8a94074c839ae..dc97674caecc7 100644
--- a/plugins/package-managers/python/src/funTest/kotlin/utils/PythonInspectorFunTest.kt
+++ b/plugins/package-managers/python/src/funTest/kotlin/utils/PythonInspectorFunTest.kt
@@ -38,7 +38,8 @@ class PythonInspectorFunTest : StringSpec({
                 workingDir = workingDir,
                 definitionFile = definitionFile,
                 pythonVersion = "27",
-                operatingSystem = "linux"
+                operatingSystem = "linux",
+                analyzeSetupPyInsecurely = true
             )
         } finally {
             workingDir.resolve(".cache").safeDeleteRecursively(force = true)
@@ -48,4 +49,25 @@ class PythonInspectorFunTest : StringSpec({
         result.resolvedDependenciesGraph should haveSize(1)
         result.packages should haveSize(11)
     }
+
+    "python-inspector can be run without setup.py file analysis" {
+        val definitionFile = projectsDir.resolve("synthetic/python-inspector-no-analyze-setup-py/requirements.txt")
+        val workingDir = definitionFile.parentFile
+
+        val result = try {
+            PythonInspector.inspect(
+                workingDir = workingDir,
+                definitionFile = definitionFile,
+                pythonVersion = "311",
+                operatingSystem = "linux",
+                analyzeSetupPyInsecurely = false
+            )
+        } finally {
+            workingDir.resolve(".cache").safeDeleteRecursively(force = true)
+        }
+
+        result.projects should haveSize(1)
+        result.resolvedDependenciesGraph should haveSize(1)
+        result.packages should haveSize(3)
+    }
 })
diff --git a/plugins/package-managers/python/src/main/kotlin/Pip.kt b/plugins/package-managers/python/src/main/kotlin/Pip.kt
index 5ccfdd47849c7..50328b26ce9dd 100644
--- a/plugins/package-managers/python/src/main/kotlin/Pip.kt
+++ b/plugins/package-managers/python/src/main/kotlin/Pip.kt
@@ -42,12 +42,16 @@ private val OPERATING_SYSTEMS = listOf(OPTION_OPERATING_SYSTEM_DEFAULT, "macos",
 private const val OPTION_PYTHON_VERSION_DEFAULT = "3.11"
 internal val PYTHON_VERSIONS = listOf("2.7", "3.6", "3.7", "3.8", "3.9", "3.10", OPTION_PYTHON_VERSION_DEFAULT)
 
+private const val OPTION_ANALYZE_SETUP_PY_INSECURELY_DEFAULT = true
+
 /**
  * The [PIP](https://pip.pypa.io/) package manager for Python. Also see
  * [install_requires vs requirements files](https://packaging.python.org/discussions/install-requires-vs-requirements/)
  * and [setup.py vs. requirements.txt](https://caremad.io/posts/2013/07/setup-vs-requirement/).
  *
  * This package manager supports the following [options][PackageManagerConfiguration.options]:
+ * - *analyzeSetupPyInsecurely*: If "true", `python-inspector` resolves dependencies from setup.py files by executing
+ *   them. This is a potential security risk. Defaults to "true".
  * - *operatingSystem*: The name of the operating system to resolve dependencies for. One of "linux", "macos", or
  *   "windows". Defaults to "linux".
  * - *pythonVersion*: The Python version to resolve dependencies for. Defaults to "3.10".
@@ -61,6 +65,7 @@ class Pip(
     companion object {
         const val OPTION_OPERATING_SYSTEM = "operatingSystem"
         const val OPTION_PYTHON_VERSION = "pythonVersion"
+        const val OPTION_ANALYZE_SETUP_PY_INSECURELY = "analyzeSetupPyInsecurely"
     }
 
     class Factory : AbstractPackageManagerFactory<Pip>("PIP") {
@@ -87,6 +92,12 @@ class Pip(
         }
     }
 
+    private val analyzeSetupPyInsecurelyOption = options[OPTION_ANALYZE_SETUP_PY_INSECURELY]?.also { analyzeSetupPy ->
+        requireNotNull(analyzeSetupPy.toBooleanStrictOrNull()) {
+            "The '$OPTION_ANALYZE_SETUP_PY_INSECURELY' option must be 'true' or 'false', but was '$analyzeSetupPy'."
+        }
+    }
+
     override fun resolveDependencies(definitionFile: File, labels: Map<String, String>): List<ProjectAnalyzerResult> {
         val result = runPythonInspector(definitionFile) { detectPythonVersion(definitionFile.parentFile) }
 
@@ -102,7 +113,8 @@ class Pip(
     ): PythonInspector.Result {
         val operatingSystem = operatingSystemOption ?: OPTION_OPERATING_SYSTEM_DEFAULT
         val pythonVersion = pythonVersionOption ?: detectPythonVersion() ?: OPTION_PYTHON_VERSION_DEFAULT
-
+        val analyzeSetupPyInsecurely = analyzeSetupPyInsecurelyOption?.toBooleanStrict()
+            ?: OPTION_ANALYZE_SETUP_PY_INSECURELY_DEFAULT
         val workingDir = definitionFile.parentFile
 
         logger.info {
@@ -116,7 +128,8 @@ class Pip(
                     workingDir = workingDir,
                     definitionFile = definitionFile,
                     pythonVersion = pythonVersion.split('.', limit = 3).take(2).joinToString(""),
-                    operatingSystem = operatingSystem
+                    operatingSystem = operatingSystem,
+                    analyzeSetupPyInsecurely = analyzeSetupPyInsecurely
                 )
             } finally {
                 workingDir.resolve(".cache").safeDeleteRecursively(force = true)
diff --git a/plugins/package-managers/python/src/main/kotlin/utils/PythonInspector.kt b/plugins/package-managers/python/src/main/kotlin/utils/PythonInspector.kt
index 8df2a3bc985ce..10a0524b21183 100644
--- a/plugins/package-managers/python/src/main/kotlin/utils/PythonInspector.kt
+++ b/plugins/package-managers/python/src/main/kotlin/utils/PythonInspector.kt
@@ -46,7 +46,13 @@ internal object PythonInspector : CommandLineTool {
 
     override fun getVersionRequirement(): RangesList = RangesListFactory.create("[0.9.2,)")
 
-    fun inspect(workingDir: File, definitionFile: File, pythonVersion: String, operatingSystem: String): Result {
+    fun inspect(
+        workingDir: File,
+        definitionFile: File,
+        pythonVersion: String,
+        operatingSystem: String,
+        analyzeSetupPyInsecurely: Boolean
+    ): Result {
         val outputFile = createOrtTempFile(prefix = "python-inspector", suffix = ".json")
 
         val commandLineOptions = buildList {
@@ -59,7 +65,9 @@ internal object PythonInspector : CommandLineTool {
             add("--json-pdt")
             add(outputFile.absolutePath)
 
-            add("--analyze-setup-py-insecurely")
+            if (analyzeSetupPyInsecurely) {
+                add("--analyze-setup-py-insecurely")
+            }
 
             if (definitionFile.name == "setup.py") {
                 add("--setup-py")