diff --git a/.changes/unreleased/BUG FIXES-20240228-171104.yaml b/.changes/unreleased/BUG FIXES-20240228-171104.yaml
new file mode 100644
index 000000000..698f25f12
--- /dev/null
+++ b/.changes/unreleased/BUG FIXES-20240228-171104.yaml	
@@ -0,0 +1,6 @@
+kind: BUG FIXES
+body: 'tftypes: Fixed an edge-case where `(Value).Equal` would panic when comparing
+  two values with underlying `DynamicPseudoType` types and different concrete values.'
+time: 2024-02-28T17:11:04.381759-05:00
+custom:
+  Issue: "383"
diff --git a/tftypes/value.go b/tftypes/value.go
index b84507839..63570211f 100644
--- a/tftypes/value.go
+++ b/tftypes/value.go
@@ -223,7 +223,7 @@ func (val Value) Equal(o Value) bool {
 	}
 	deepEqual, err := val.deepEqual(o)
 	if err != nil {
-		panic(err)
+		return false
 	}
 	return deepEqual
 }
diff --git a/tftypes/value_test.go b/tftypes/value_test.go
index 61d9b5b7f..f13d0c5bd 100644
--- a/tftypes/value_test.go
+++ b/tftypes/value_test.go
@@ -743,6 +743,11 @@ func TestValueEqual(t *testing.T) {
 			val2:  NewValue(String, "world"),
 			equal: false,
 		},
+		"stringDiff-wrong-type": {
+			val1:  NewValue(String, "true"),
+			val2:  NewValue(Bool, true),
+			equal: false,
+		},
 		"boolEqual": {
 			val1:  NewValue(Bool, true),
 			val2:  NewValue(Bool, true),
@@ -753,6 +758,11 @@ func TestValueEqual(t *testing.T) {
 			val2:  NewValue(Bool, true),
 			equal: false,
 		},
+		"boolDiff-wrong-type": {
+			val1:  NewValue(Bool, true),
+			val2:  NewValue(String, "true"),
+			equal: false,
+		},
 		"numberEqual": {
 			val1:  NewValue(Number, big.NewFloat(123)),
 			val2:  NewValue(Number, big.NewFloat(0).SetInt64(123)),
@@ -763,6 +773,11 @@ func TestValueEqual(t *testing.T) {
 			val2:  NewValue(Number, big.NewFloat(2)),
 			equal: false,
 		},
+		"numberDiff-wrong-type": {
+			val1:  NewValue(Number, big.NewFloat(1)),
+			val2:  NewValue(String, "1"),
+			equal: false,
+		},
 		"unknownEqual": {
 			val1:  NewValue(String, UnknownValue),
 			val2:  NewValue(String, UnknownValue),
@@ -811,6 +826,19 @@ func TestValueEqual(t *testing.T) {
 			}),
 			equal: false,
 		},
+		"listDiff-wrong-type": {
+			val1: NewValue(List{ElementType: String}, []Value{
+				NewValue(String, "hello"),
+				NewValue(String, "world"),
+				NewValue(String, "abc"),
+			}),
+			val2: NewValue(Set{ElementType: String}, []Value{
+				NewValue(String, "hello"),
+				NewValue(String, "world"),
+				NewValue(String, "abc"),
+			}),
+			equal: false,
+		},
 		"setEqual": {
 			val1: NewValue(Set{ElementType: String}, []Value{
 				NewValue(String, "hello"),
@@ -849,6 +877,19 @@ func TestValueEqual(t *testing.T) {
 			}),
 			equal: false,
 		},
+		"setDiff-wrong-type": {
+			val1: NewValue(Set{ElementType: String}, []Value{
+				NewValue(String, "hello"),
+				NewValue(String, "world"),
+				NewValue(String, "abc"),
+			}),
+			val2: NewValue(List{ElementType: String}, []Value{
+				NewValue(String, "hello"),
+				NewValue(String, "world"),
+				NewValue(String, "abc"),
+			}),
+			equal: false,
+		},
 		"tupleEqual": {
 			val1: NewValue(Tuple{ElementTypes: []Type{
 				String, Bool, Number, List{ElementType: String},
@@ -981,6 +1022,17 @@ func TestValueEqual(t *testing.T) {
 			}),
 			equal: false,
 		},
+		"mapDiff-wrong-types": {
+			val1: NewValue(Map{ElementType: String}, map[string]Value{
+				"one": NewValue(String, "true"),
+				"two": NewValue(String, "false"),
+			}),
+			val2: NewValue(Map{ElementType: Bool}, map[string]Value{
+				"one": NewValue(Bool, true),
+				"two": NewValue(Bool, false),
+			}),
+			equal: false,
+		},
 		"objectEqual": {
 			val1: NewValue(Object{AttributeTypes: map[string]Type{
 				"one":   Number,
@@ -1068,6 +1120,68 @@ func TestValueEqual(t *testing.T) {
 			}),
 			equal: false,
 		},
+		"DynamicPseudoType-tupleEqual": {
+			val1: NewValue(Tuple{ElementTypes: []Type{
+				DynamicPseudoType, DynamicPseudoType,
+			}}, []Value{
+				NewValue(Bool, true),
+				NewValue(List{ElementType: String}, []Value{
+					NewValue(String, "a"),
+					NewValue(String, "b"),
+					NewValue(String, "c"),
+				}),
+			}),
+			val2: NewValue(Tuple{ElementTypes: []Type{
+				DynamicPseudoType, DynamicPseudoType,
+			}}, []Value{
+				NewValue(Bool, true),
+				NewValue(List{ElementType: String}, []Value{
+					NewValue(String, "a"),
+					NewValue(String, "b"),
+					NewValue(String, "c"),
+				}),
+			}),
+			equal: true,
+		},
+		// Previously, different value types with a DynamicPseudoType would cause a panic
+		// https://github.com/hashicorp/terraform-plugin-go/pull/383
+		"DynamicPseudoType-tupleDiff-different-value-types": {
+			val1: NewValue(Tuple{ElementTypes: []Type{DynamicPseudoType}}, []Value{
+				NewValue(String, "false"),
+			}),
+			val2: NewValue(Tuple{ElementTypes: []Type{DynamicPseudoType}}, []Value{
+				NewValue(Bool, false), // This value type is different than val1
+			}),
+			equal: false,
+		},
+		"DynamicPseudoType-objectEqual": {
+			val1: NewValue(Object{AttributeTypes: map[string]Type{
+				"dyn_val": DynamicPseudoType,
+			}}, map[string]Value{
+				"dyn_val": NewValue(String, "hello"),
+			}),
+			val2: NewValue(Object{AttributeTypes: map[string]Type{
+				"dyn_val": DynamicPseudoType,
+			}}, map[string]Value{
+				"dyn_val": NewValue(String, "hello"),
+			}),
+			equal: true,
+		},
+		// Previously, different value types with a DynamicPseudoType would cause a panic
+		// https://github.com/hashicorp/terraform-plugin-go/pull/383
+		"DynamicPseudoType-objectDiff-different-value-types": {
+			val1: NewValue(Object{AttributeTypes: map[string]Type{
+				"dyn_val": DynamicPseudoType,
+			}}, map[string]Value{
+				"dyn_val": NewValue(String, "1"),
+			}),
+			val2: NewValue(Object{AttributeTypes: map[string]Type{
+				"dyn_val": DynamicPseudoType,
+			}}, map[string]Value{
+				"dyn_val": NewValue(Number, big.NewFloat(1)), // This value type is different than val1
+			}),
+			equal: false,
+		},
 		"nullEqual": {
 			val1:  NewValue(String, nil),
 			val2:  NewValue(String, nil),