diff --git a/scripts/arcanist.php b/scripts/arcanist.php
--- a/scripts/arcanist.php
+++ b/scripts/arcanist.php
@@ -80,6 +80,9 @@
   }
 
   $configuration_manager = new ArcanistConfigurationManager();
+  if ($custom_arcrc) {
+    $configuration_manager->setUserConfigurationFileLocation($custom_arcrc);
+  }
 
   $global_config = $configuration_manager->readUserArcConfig();
   $system_config = $configuration_manager->readSystemArcConfig();
@@ -141,9 +144,6 @@
       $working_copy);
   }
 
-  if ($custom_arcrc) {
-    $configuration_manager->setUserConfigurationFileLocation($custom_arcrc);
-  }
   $user_config = $configuration_manager->readUserConfigurationFile();
 
   $config_class = $working_copy->getProjectConfig('arcanist_configuration');
diff --git a/src/configuration/ArcanistConfigurationManager.php b/src/configuration/ArcanistConfigurationManager.php
--- a/src/configuration/ArcanistConfigurationManager.php
+++ b/src/configuration/ArcanistConfigurationManager.php
@@ -159,10 +159,15 @@
    * @{method:readUserArcConfig}.
    */
   public function readUserConfigurationFile() {
-    static $user_config;
-    if ($user_config === null) {
+
+    // NOTE: This cache is per-path because `--arcrc-file` can adjust the
+    // file which is read.
+
+    static $user_configs = array();
+    $user_config_path = self::getUserConfigurationFileLocation();
+
+    if (!isset($user_configs[$user_config_path])) {
       $user_config = array();
-      $user_config_path = self::getUserConfigurationFileLocation();
 
       $console = PhutilConsole::getConsole();
 
@@ -212,8 +217,10 @@
             $user_config_path));
       }
 
+      $user_configs[$user_config_path] = $user_config;
     }
-    return $user_config;
+
+    return $user_configs[$user_config_path];
   }
 
   /**