diff --git a/3rdparty/python/requirements.txt b/3rdparty/python/requirements.txt
index d8c28f143cb..7df8a1510c1 100644
--- a/3rdparty/python/requirements.txt
+++ b/3rdparty/python/requirements.txt
@@ -15,7 +15,7 @@ humbug==0.2.7
 
 ijson==3.1.4
 packaging==21.3
-pex==2.1.103
+pex==2.1.107
 psutil==5.9.0
 # This should be compatible with pytest.py, although it can be looser so that we don't
 # over-constrain pantsbuild.pants.testutil
diff --git a/3rdparty/python/user_reqs.lock b/3rdparty/python/user_reqs.lock
index 13d11ec8f9c..2459e43e0ee 100644
--- a/3rdparty/python/user_reqs.lock
+++ b/3rdparty/python/user_reqs.lock
@@ -19,7 +19,7 @@
 //     "ijson==3.1.4",
 //     "mypy-typing-asserts==0.1.1",
 //     "packaging==21.3",
-//     "pex==2.1.103",
+//     "pex==2.1.107",
 //     "psutil==5.9.0",
 //     "pydevd-pycharm==203.5419.8",
 //     "pytest<7.1.0,>=6.2.4",
@@ -782,13 +782,13 @@
           "artifacts": [
             {
               "algorithm": "sha256",
-              "hash": "b91b8e67647331a5b6bcfe15090ec764fcf06f7293b415c3d3f739563ce8c779",
-              "url": "https://files.pythonhosted.org/packages/fd/10/ada3b3de63355f007606307a934e1d762cda2a5e9766abdc543f2cc291b2/pex-2.1.103-py2.py3-none-any.whl"
+              "hash": "f2b8a523bf62d27445691a569cbb99ae1c5196351a25fafcf01b9045f7c1f011",
+              "url": "https://files.pythonhosted.org/packages/30/89/6e2681b36e9f6aabc4a91cc43525e45a6dddded5793001fa52fa0d0fc39a/pex-2.1.107-py2.py3-none-any.whl"
             },
             {
               "algorithm": "sha256",
-              "hash": "07bcd633626b7fd6d18eb0d6303acfd0a4fbcb31692e737b15794626da896bf0",
-              "url": "https://files.pythonhosted.org/packages/f2/9e/55f2e396dfad923a60e4fa2dcca4ef235bdf73739c2bb0569d23e145c568/pex-2.1.103.tar.gz"
+              "hash": "d2a35b93daab737d172225eb35fd381761b3c6834865a597c18d56360e56ed66",
+              "url": "https://files.pythonhosted.org/packages/ae/53/aeb79df2d7b0fdec0627dff2657df78bd33815198f40890c9a6dc6865f8d/pex-2.1.107.tar.gz"
             }
           ],
           "project_name": "pex",
@@ -796,7 +796,7 @@
             "subprocess32>=3.2.7; extra == \"subprocess\" and python_version < \"3\""
           ],
           "requires_python": "!=3.0.*,!=3.1.*,!=3.2.*,!=3.3.*,!=3.4.*,<3.12,>=2.7",
-          "version": "2.1.103"
+          "version": "2.1.107"
         },
         {
           "artifacts": [
@@ -2238,7 +2238,8 @@
     }
   ],
   "path_mappings": {},
-  "pex_version": "2.1.103",
+  "pex_version": "2.1.107",
+  "pip_version": "20.3.4-patched",
   "prefer_older_binary": false,
   "requirements": [
     "PyYAML<7.0,>=6.0",
@@ -2251,7 +2252,7 @@
     "ijson==3.1.4",
     "mypy-typing-asserts==0.1.1",
     "packaging==21.3",
-    "pex==2.1.103",
+    "pex==2.1.107",
     "psutil==5.9.0",
     "pydevd-pycharm==203.5419.8",
     "pytest<7.1.0,>=6.2.4",
diff --git a/src/python/pants/backend/python/subsystems/lambdex.lock b/src/python/pants/backend/python/subsystems/lambdex.lock
index ec5ba1c2085..64e6e7d7073 100644
--- a/src/python/pants/backend/python/subsystems/lambdex.lock
+++ b/src/python/pants/backend/python/subsystems/lambdex.lock
@@ -49,13 +49,13 @@
           "artifacts": [
             {
               "algorithm": "sha256",
-              "hash": "b91b8e67647331a5b6bcfe15090ec764fcf06f7293b415c3d3f739563ce8c779",
-              "url": "https://files.pythonhosted.org/packages/fd/10/ada3b3de63355f007606307a934e1d762cda2a5e9766abdc543f2cc291b2/pex-2.1.103-py2.py3-none-any.whl"
+              "hash": "f2b8a523bf62d27445691a569cbb99ae1c5196351a25fafcf01b9045f7c1f011",
+              "url": "https://files.pythonhosted.org/packages/30/89/6e2681b36e9f6aabc4a91cc43525e45a6dddded5793001fa52fa0d0fc39a/pex-2.1.107-py2.py3-none-any.whl"
             },
             {
               "algorithm": "sha256",
-              "hash": "07bcd633626b7fd6d18eb0d6303acfd0a4fbcb31692e737b15794626da896bf0",
-              "url": "https://files.pythonhosted.org/packages/f2/9e/55f2e396dfad923a60e4fa2dcca4ef235bdf73739c2bb0569d23e145c568/pex-2.1.103.tar.gz"
+              "hash": "d2a35b93daab737d172225eb35fd381761b3c6834865a597c18d56360e56ed66",
+              "url": "https://files.pythonhosted.org/packages/ae/53/aeb79df2d7b0fdec0627dff2657df78bd33815198f40890c9a6dc6865f8d/pex-2.1.107.tar.gz"
             }
           ],
           "project_name": "pex",
@@ -63,14 +63,15 @@
             "subprocess32>=3.2.7; extra == \"subprocess\" and python_version < \"3\""
           ],
           "requires_python": "!=3.0.*,!=3.1.*,!=3.2.*,!=3.3.*,!=3.4.*,<3.12,>=2.7",
-          "version": "2.1.103"
+          "version": "2.1.107"
         }
       ],
       "platform_tag": null
     }
   ],
   "path_mappings": {},
-  "pex_version": "2.1.103",
+  "pex_version": "2.1.107",
+  "pip_version": "20.3.4-patched",
   "prefer_older_binary": false,
   "requirements": [
     "lambdex==0.1.6"
diff --git a/src/python/pants/backend/python/util_rules/pex_cli.py b/src/python/pants/backend/python/util_rules/pex_cli.py
index d3987296163..2ad9f3f2f13 100644
--- a/src/python/pants/backend/python/util_rules/pex_cli.py
+++ b/src/python/pants/backend/python/util_rules/pex_cli.py
@@ -39,7 +39,7 @@ class PexCli(TemplatedExternalTool):
     name = "pex"
     help = "The PEX (Python EXecutable) tool (https://github.com/pantsbuild/pex)."
 
-    default_version = "v2.1.103"
+    default_version = "v2.1.107"
     default_url_template = "https://github.com/pantsbuild/pex/releases/download/{version}/pex"
     version_constraints = ">=2.1.103,<3.0"
 
@@ -50,8 +50,8 @@ def default_known_versions(cls):
                 (
                     cls.default_version,
                     plat,
-                    "4d45336511484100ae4e2bab24542a8b86b12c8cb89230463593c60d08c4b8d3",
-                    "3814407",
+                    "bfc19b16e0f298742dd933289bd8057dd503f9ad0678310412d382800d48b3ae",
+                    "3840814",
                 )
             )
             for plat in ["macos_arm64", "macos_x86_64", "linux_x86_64", "linux_arm64"]