diff --git a/fastapi/encoders.py b/fastapi/encoders.py
index 871188e33e..fef374643d 100644
--- a/fastapi/encoders.py
+++ b/fastapi/encoders.py
@@ -241,17 +241,42 @@ def jsonable_encoder(
     if exclude is not None and not isinstance(exclude, (set, dict)):
         exclude = set(exclude)  # type: ignore[assignment]  # ty: ignore[invalid-assignment]
     if isinstance(obj, BaseModel):
+        def custom_encoder_fallback(value: Any) -> Any:
+            if type(value) in custom_encoder:
+                encoded_value = custom_encoder[type(value)](value)
+            else:
+                for encoder_type, encoder_instance in custom_encoder.items():
+                    if isinstance(value, encoder_type):
+                        encoded_value = encoder_instance(value)
+                        break
+                else:
+                    raise TypeError(
+                        f"Object of type {type(value).__name__} is not JSON serializable"
+                    )
+            return jsonable_encoder(
+                encoded_value,
+                by_alias=by_alias,
+                exclude_unset=exclude_unset,
+                exclude_defaults=exclude_defaults,
+                exclude_none=exclude_none,
+                custom_encoder=custom_encoder,
+                sqlalchemy_safe=sqlalchemy_safe,
+            )
+
         obj_dict = obj.model_dump(
-            mode="python" if custom_encoder else "json",
+            mode="json",
             include=include,
             exclude=exclude,
             by_alias=by_alias,
             exclude_unset=exclude_unset,
             exclude_none=exclude_none,
             exclude_defaults=exclude_defaults,
+            fallback=custom_encoder_fallback if custom_encoder else None,
         )
         return jsonable_encoder(
             obj_dict,
+            by_alias=by_alias,
+            exclude_unset=exclude_unset,
             exclude_none=exclude_none,
             exclude_defaults=exclude_defaults,
             custom_encoder=custom_encoder,
diff --git a/tests/test_jsonable_encoder.py b/tests/test_jsonable_encoder.py
index d39033a8f6..4e4614c5d9 100644
--- a/tests/test_jsonable_encoder.py
+++ b/tests/test_jsonable_encoder.py
@@ -12,7 +12,7 @@ import pytest
 from fastapi._compat import Undefined
 from fastapi.encoders import jsonable_encoder
 from fastapi.exceptions import PydanticV1NotSupportedError
-from pydantic import BaseModel, ConfigDict, Field, ValidationError
+from pydantic import BaseModel, ConfigDict, Field, ValidationError, field_serializer
 
 
 class Person:
@@ -240,6 +240,50 @@ def test_custom_encoder_model_field():
     ) == {"value": "encoded"}
 
 
+def test_custom_encoder_model_field_preserves_json_mode_serializers():
+    class CustomValue:
+        pass
+
+    class ModelWithJsonSerializer(BaseModel):
+        model_config = ConfigDict(arbitrary_types_allowed=True)
+
+        created_at: datetime
+        value: CustomValue
+
+        @field_serializer("created_at", when_used="json")
+        def serialize_created_at(self, value):
+            return "serialized"
+
+    assert jsonable_encoder(
+        ModelWithJsonSerializer(
+            created_at=datetime(2024, 1, 1),
+            value=CustomValue(),
+        ),
+        custom_encoder={CustomValue: lambda _: "encoded"},
+    ) == {"created_at": "serialized", "value": "encoded"}
+
+
+def test_custom_encoder_model_field_uses_caller_options():
+    class CustomValue:
+        pass
+
+    class EncodedValue(BaseModel):
+        required: int = Field(alias="Required")
+        optional: int = 2
+
+    class ModelWithCustomValue(BaseModel):
+        model_config = ConfigDict(arbitrary_types_allowed=True)
+
+        value: CustomValue
+
+    assert jsonable_encoder(
+        ModelWithCustomValue(value=CustomValue()),
+        by_alias=False,
+        exclude_unset=True,
+        custom_encoder={CustomValue: lambda _: EncodedValue(Required=1)},
+    ) == {"value": {"required": 1}}
+
+
 def test_custom_enum_encoders():
     def custom_enum_encoder(v: Enum):
         return v.value.lower()