diff --git a/cmake/dependencies.cmake b/cmake/dependencies.cmake
index 48583dc2b3d05..b7d0749722d86 100644
--- a/cmake/dependencies.cmake
+++ b/cmake/dependencies.cmake
@@ -40,7 +40,7 @@ set(Seastar_API_LEVEL 6 CACHE STRING "" FORCE)
 set(Seastar_CXX_FLAGS -Wno-error)
 fetch_dep(seastar
   REPO https://github.com/redpanda-data/seastar.git
-  TAG v23.3.x
+  TAG v24.1.x
   PATCH_COMMAND sed -i "s/add_subdirectory (tests/# add_subdirectory (tests/g" CMakeLists.txt)
 
 fetch_dep(avro
diff --git a/src/v/wasm/tests/wasm_transform_test.cc b/src/v/wasm/tests/wasm_transform_test.cc
index ae76ac359ea5a..85ce8e58ca990 100644
--- a/src/v/wasm/tests/wasm_transform_test.cc
+++ b/src/v/wasm/tests/wasm_transform_test.cc
@@ -11,10 +11,10 @@
 
 #include "bytes/bytes.h"
 #include "pandaproxy/schema_registry/types.h"
-#include "serde/rw/rw.h"
 #include "wasm/errc.h"
 #include "wasm/tests/wasm_fixture.h"
 
+#include <seastar/core/internal/cpu_profiler.hh>
 #include <seastar/core/reactor.hh>
 
 #include <absl/strings/str_cat.h>
@@ -134,3 +134,20 @@ TEST_F(WasmTestFixture, LogsAreEmitted) {
     expected.append(reinterpret_cast<const char*>(bytes.data()), bytes.size());
     EXPECT_THAT(log_lines(), ElementsAre(expected));
 }
+
+TEST_F(WasmTestFixture, WorksWithCpuProfiler) {
+    bool original_enabled = ss::engine().get_cpu_profiler_enabled();
+    std::chrono::nanoseconds original_period
+      = ss::engine().get_cpu_profiler_period();
+    ss::engine().set_cpu_profiler_enabled(true);
+    ss::engine().set_cpu_profiler_period(100us);
+    load_wasm("dynamic.wasm");
+    EXPECT_THROW(execute_command("loop", 0), wasm::wasm_exception);
+    ss::engine().set_cpu_profiler_enabled(original_enabled);
+    ss::engine().set_cpu_profiler_period(original_period);
+    std::vector<ss::cpu_profiler_trace> traces;
+    ss::engine().profiler_results(traces);
+    for (const auto& t : traces) {
+        std::cout << t.user_backtrace << "\n";
+    }
+}
diff --git a/src/v/wasm/wasmtime.cc b/src/v/wasm/wasmtime.cc
index e8fc7c70d8800..e7291252530dd 100644
--- a/src/v/wasm/wasmtime.cc
+++ b/src/v/wasm/wasmtime.cc
@@ -34,6 +34,7 @@
 
 #include <seastar/core/align.hh>
 #include <seastar/core/future.hh>
+#include <seastar/core/internal/cpu_profiler.hh>
 #include <seastar/core/posix.hh>
 #include <seastar/core/sharded.hh>
 #include <seastar/core/shared_ptr.hh>
@@ -599,7 +600,13 @@ class wasmtime_engine : public engine {
         // Poll the call future to completion, yielding to the scheduler when
         // the future yields.
         auto start = ss::steady_clock_type::now();
+        // Disable profiling backtraces inside the VM - at the time of writing
+        // backtraces lead to segfaults causing deadlock in Seastar's signal
+        // handlers.
+        auto _ = ss::internal::scoped_disable_profile_temporarily();
         while (!wasmtime_call_future_poll(fut.get())) {
+            // Re-enable stacktraces before we yield control to the scheduler.
+            ss::internal::profiler_drop_stacktraces(false);
             auto end = ss::steady_clock_type::now();
             _probe.increment_cpu_time(end - start);
             if (_pending_host_function) {
@@ -609,6 +616,8 @@ class wasmtime_engine : public engine {
                 co_await ss::coroutine::maybe_yield();
             }
             start = ss::steady_clock_type::now();
+            // Disable stacktraces as we enter back into Wasmtime
+            ss::internal::profiler_drop_stacktraces(true);
         }
         auto end = ss::steady_clock_type::now();
         _probe.increment_cpu_time(end - start);