diff --git a/doc/cascadia/profiles.schema.json b/doc/cascadia/profiles.schema.json
index 59592b51f64..a835b5a0570 100644
--- a/doc/cascadia/profiles.schema.json
+++ b/doc/cascadia/profiles.schema.json
@@ -231,6 +231,32 @@
         }
       ]
     },
+    "OpenSettingsAction": {
+      "description": "Arguments corresponding to a Open Settings Action",
+      "allOf": [
+        {
+          "$ref": "#/definitions/ShortcutAction"
+        },
+        {
+          "properties": {
+            "action": {
+              "type": "string",
+              "pattern": "openSettings"
+            },
+            "target": {
+              "type": "string",
+              "default": "settingsFile",
+              "description": "The settings file to open.",
+              "enum": [
+                "settingsFile",
+                "defaultsFile",
+                "allFiles"
+              ]
+            }
+          }
+        }
+      ]
+    },
     "Keybinding": {
       "additionalProperties": false,
       "properties": {
@@ -245,6 +271,7 @@
               { "$ref": "#/definitions/MoveFocusAction" },
               { "$ref": "#/definitions/ResizePaneAction" },
               { "$ref": "#/definitions/SplitPaneAction" },
+              { "$ref": "#/definitions/OpenSettingsAction" },
               { "type": "null" }
             ]
         },
diff --git a/src/cascadia/TerminalApp/ActionArgs.cpp b/src/cascadia/TerminalApp/ActionArgs.cpp
index b3af876bace..939eaaf3b41 100644
--- a/src/cascadia/TerminalApp/ActionArgs.cpp
+++ b/src/cascadia/TerminalApp/ActionArgs.cpp
@@ -14,3 +14,4 @@
 #include "MoveFocusArgs.g.cpp"
 #include "AdjustFontSizeArgs.g.cpp"
 #include "SplitPaneArgs.g.cpp"
+#include "OpenSettingsArgs.g.cpp"
diff --git a/src/cascadia/TerminalApp/ActionArgs.h b/src/cascadia/TerminalApp/ActionArgs.h
index cf21b68cb5a..031e7ca76a9 100644
--- a/src/cascadia/TerminalApp/ActionArgs.h
+++ b/src/cascadia/TerminalApp/ActionArgs.h
@@ -14,6 +14,7 @@
 #include "MoveFocusArgs.g.h"
 #include "AdjustFontSizeArgs.g.h"
 #include "SplitPaneArgs.g.h"
+#include "OpenSettingsArgs.g.h"
 
 #include "../../cascadia/inc/cppwinrt_utils.h"
 #include "Utils.h"
@@ -381,6 +382,65 @@ namespace winrt::TerminalApp::implementation
             return { *args, {} };
         }
     };
+
+    // Possible SettingsTarget values
+    // TODO:GH#2550/#3475 - move these to a centralized deserializing place
+    static constexpr std::string_view SettingsFileString{ "settingsFile" };
+    static constexpr std::string_view DefaultsFileString{ "defaultsFile" };
+    static constexpr std::string_view AllFilesString{ "allFiles" };
+
+    // Function Description:
+    // - Helper function for parsing a SettingsTarget from a string
+    // Arguments:
+    // - targetString: the string to attempt to parse
+    // Return Value:
+    // - The encoded SettingsTarget value, or SettingsTarget::SettingsFile if it was an invalid string
+    static TerminalApp::SettingsTarget ParseSettingsTarget(const std::string& targetString)
+    {
+        if (targetString == SettingsFileString)
+        {
+            return TerminalApp::SettingsTarget::SettingsFile;
+        }
+        else if (targetString == DefaultsFileString)
+        {
+            return TerminalApp::SettingsTarget::DefaultsFile;
+        }
+        else if (targetString == AllFilesString)
+        {
+            return TerminalApp::SettingsTarget::AllFiles;
+        }
+        // default behavior for invalid data
+        return TerminalApp::SettingsTarget::SettingsFile;
+    };
+
+    struct OpenSettingsArgs : public OpenSettingsArgsT<OpenSettingsArgs>
+    {
+        OpenSettingsArgs() = default;
+        GETSET_PROPERTY(TerminalApp::SettingsTarget, Target, TerminalApp::SettingsTarget::SettingsFile);
+
+        static constexpr std::string_view TargetKey{ "target" };
+
+    public:
+        bool Equals(const IActionArgs& other)
+        {
+            auto otherAsUs = other.try_as<OpenSettingsArgs>();
+            if (otherAsUs)
+            {
+                return otherAsUs->_Target == _Target;
+            }
+            return false;
+        };
+        static FromJsonResult FromJson(const Json::Value& json)
+        {
+            // LOAD BEARING: Not using make_self here _will_ break you in the future!
+            auto args = winrt::make_self<OpenSettingsArgs>();
+            if (auto targetString{ json[JsonKey(TargetKey)] })
+            {
+                args->_Target = ParseSettingsTarget(targetString.asString());
+            }
+            return { *args, {} };
+        }
+    };
 }
 
 namespace winrt::TerminalApp::factory_implementation
diff --git a/src/cascadia/TerminalApp/ActionArgs.idl b/src/cascadia/TerminalApp/ActionArgs.idl
index 96fa3abf587..881e35eafbe 100644
--- a/src/cascadia/TerminalApp/ActionArgs.idl
+++ b/src/cascadia/TerminalApp/ActionArgs.idl
@@ -37,6 +37,13 @@ namespace TerminalApp
         Duplicate = 1
     };
 
+    enum SettingsTarget
+    {
+        SettingsFile = 0,
+        DefaultsFile,
+        AllFiles
+    };
+
     [default_interface] runtimeclass NewTerminalArgs {
         NewTerminalArgs();
         String Commandline;
@@ -90,4 +97,9 @@ namespace TerminalApp
         NewTerminalArgs TerminalArgs { get; };
         SplitType SplitMode { get; };
     };
+
+    [default_interface] runtimeclass OpenSettingsArgs : IActionArgs
+    {
+        SettingsTarget Target { get; };
+    };
 }
diff --git a/src/cascadia/TerminalApp/AppActionHandlers.cpp b/src/cascadia/TerminalApp/AppActionHandlers.cpp
index d0e1c027f7f..5304816ae26 100644
--- a/src/cascadia/TerminalApp/AppActionHandlers.cpp
+++ b/src/cascadia/TerminalApp/AppActionHandlers.cpp
@@ -120,9 +120,11 @@ namespace winrt::TerminalApp::implementation
     void TerminalPage::_HandleOpenSettings(const IInspectable& /*sender*/,
                                            const TerminalApp::ActionEventArgs& args)
     {
-        // TODO:GH#2557 Add an optional arg for opening the defaults here
-        _LaunchSettings(false);
-        args.Handled(true);
+        if (const auto& realArgs = args.ActionArgs().try_as<TerminalApp::OpenSettingsArgs>())
+        {
+            _LaunchSettings(realArgs.Target());
+            args.Handled(true);
+        }
     }
 
     void TerminalPage::_HandlePasteText(const IInspectable& /*sender*/,
diff --git a/src/cascadia/TerminalApp/AppKeyBindingsSerialization.cpp b/src/cascadia/TerminalApp/AppKeyBindingsSerialization.cpp
index f223236f56f..5d95d1ea249 100644
--- a/src/cascadia/TerminalApp/AppKeyBindingsSerialization.cpp
+++ b/src/cascadia/TerminalApp/AppKeyBindingsSerialization.cpp
@@ -109,6 +109,8 @@ static const std::map<ShortcutAction, ParseActionFunction, std::less<>> argParse
 
     { ShortcutAction::SplitPane, winrt::TerminalApp::implementation::SplitPaneArgs::FromJson },
 
+    { ShortcutAction::OpenSettings, winrt::TerminalApp::implementation::OpenSettingsArgs::FromJson },
+
     { ShortcutAction::Invalid, nullptr },
 };
 
diff --git a/src/cascadia/TerminalApp/TerminalPage.cpp b/src/cascadia/TerminalApp/TerminalPage.cpp
index 750d97a09b8..6d33779c687 100644
--- a/src/cascadia/TerminalApp/TerminalPage.cpp
+++ b/src/cascadia/TerminalApp/TerminalPage.cpp
@@ -669,7 +669,8 @@ namespace winrt::TerminalApp::implementation
         const bool altPressed = WI_IsFlagSet(lAltState, CoreVirtualKeyStates::Down) ||
                                 WI_IsFlagSet(rAltState, CoreVirtualKeyStates::Down);
 
-        _LaunchSettings(altPressed);
+        const auto target = altPressed ? SettingsTarget::DefaultsFile : SettingsTarget::SettingsFile;
+        _LaunchSettings(target);
     }
 
     // Method Description:
@@ -1532,7 +1533,7 @@ namespace winrt::TerminalApp::implementation
     // - Called when the settings button is clicked. ShellExecutes the settings
     //   file, as to open it in the default editor for .json files. Does this in
     //   a background thread, as to not hang/crash the UI thread.
-    fire_and_forget TerminalPage::_LaunchSettings(const bool openDefaults)
+    fire_and_forget TerminalPage::_LaunchSettings(const SettingsTarget target)
     {
         // This will switch the execution of the function to a background (not
         // UI) thread. This is IMPORTANT, because the Windows.Storage API's
@@ -1540,13 +1541,26 @@ namespace winrt::TerminalApp::implementation
         // thread, because the main thread is a STA.
         co_await winrt::resume_background();
 
-        const auto settingsPath = openDefaults ? CascadiaSettings::GetDefaultSettingsPath() :
-                                                 CascadiaSettings::GetSettingsPath();
+        auto openFile = [](const auto& filePath) {
+            HINSTANCE res = ShellExecute(nullptr, nullptr, filePath.c_str(), nullptr, nullptr, SW_SHOW);
+            if (static_cast<int>(reinterpret_cast<uintptr_t>(res)) <= 32)
+            {
+                ShellExecute(nullptr, nullptr, L"notepad", filePath.c_str(), nullptr, SW_SHOW);
+            }
+        };
 
-        HINSTANCE res = ShellExecute(nullptr, nullptr, settingsPath.c_str(), nullptr, nullptr, SW_SHOW);
-        if (static_cast<int>(reinterpret_cast<uintptr_t>(res)) <= 32)
-        {
-            ShellExecute(nullptr, nullptr, L"notepad", settingsPath.c_str(), nullptr, SW_SHOW);
+        switch (target)
+        {
+        case SettingsTarget::DefaultsFile:
+            openFile(CascadiaSettings::GetDefaultSettingsPath());
+            break;
+        case SettingsTarget::SettingsFile:
+            openFile(CascadiaSettings::GetSettingsPath());
+            break;
+        case SettingsTarget::AllFiles:
+            openFile(CascadiaSettings::GetDefaultSettingsPath());
+            openFile(CascadiaSettings::GetSettingsPath());
+            break;
         }
     }
 
diff --git a/src/cascadia/TerminalApp/TerminalPage.h b/src/cascadia/TerminalApp/TerminalPage.h
index f03a5d639c2..5fc557ab390 100644
--- a/src/cascadia/TerminalApp/TerminalPage.h
+++ b/src/cascadia/TerminalApp/TerminalPage.h
@@ -152,7 +152,7 @@ namespace winrt::TerminalApp::implementation
         void _PasteText();
         static fire_and_forget PasteFromClipboard(winrt::Microsoft::Terminal::TerminalControl::PasteFromClipboardEventArgs eventArgs);
 
-        fire_and_forget _LaunchSettings(const bool openDefaults);
+        fire_and_forget _LaunchSettings(const winrt::TerminalApp::SettingsTarget target);
 
         void _OnTabClick(const IInspectable& sender, const Windows::UI::Xaml::Input::PointerRoutedEventArgs& eventArgs);
         void _OnTabSelectionChanged(const IInspectable& sender, const Windows::UI::Xaml::Controls::SelectionChangedEventArgs& eventArgs);
diff --git a/src/cascadia/TerminalApp/defaults.json b/src/cascadia/TerminalApp/defaults.json
index 7e895de93e3..dd246e88aae 100644
--- a/src/cascadia/TerminalApp/defaults.json
+++ b/src/cascadia/TerminalApp/defaults.json
@@ -276,6 +276,7 @@
         { "command": "toggleFullscreen", "keys": "f11" },
         { "command": "openNewTabDropdown", "keys": "ctrl+shift+space" },
         { "command": "openSettings", "keys": "ctrl+," },
+        { "command": { "action": "openSettings", "target": "defaultFile" }, "keys": "ctrl+alt+," },
         { "command": "find", "keys": "ctrl+shift+f" },
 
         // Tab Management