diff --git a/libguile/vm-engine.c b/libguile/vm-engine.c
index a422d1ef2..6c1318fd3 100644
--- a/libguile/vm-engine.c
+++ b/libguile/vm-engine.c
@@ -1059,20 +1059,25 @@ RTL_VM_NAME (SCM vm, SCM program, SCM *argv, size_t nargs_)
       NEXT (2);
     }
 
-  /* receive-values proc:24 _:8 nvalues:24
+  /* receive-values proc:24 allow-extra?:1 _:7 nvalues:24
    *
    * Receive a return of multiple values from a call whose procedure was
    * in PROC.  If fewer than NVALUES values were returned, signal an
-   * error.  After receive-values has run, the values can be copied down
-   * via `mov'.
+   * error.  Unless ALLOW-EXTRA? is true, require that the number of
+   * return values equals NVALUES exactly.  After receive-values has
+   * run, the values can be copied down via `mov'.
    */
-  VM_DEFINE_OP (4, receive_values, "receive-values", OP2 (U8_U24, X8_U24))
+  VM_DEFINE_OP (4, receive_values, "receive-values", OP2 (U8_U24, B1_X7_U24))
     {
       scm_t_uint32 proc, nvalues;
       SCM_UNPACK_RTL_24 (op, proc);
       SCM_UNPACK_RTL_24 (ip[1], nvalues);
-      VM_ASSERT (FRAME_LOCALS_COUNT () > proc + nvalues,
-                 vm_error_not_enough_values ());
+      if (ip[1] & 0x1)
+        VM_ASSERT (FRAME_LOCALS_COUNT () > proc + nvalues,
+                   vm_error_not_enough_values ());
+      else
+        VM_ASSERT (FRAME_LOCALS_COUNT () == proc + nvalues,
+                   vm_error_wrong_number_of_values (nvalues));
       NEXT (2);
     }
 
diff --git a/libguile/vm.c b/libguile/vm.c
index 5f6a5a053..3a2795b7e 100644
--- a/libguile/vm.c
+++ b/libguile/vm.c
@@ -429,6 +429,7 @@ static void vm_error_not_a_bytevector (const char *subr, SCM x) SCM_NORETURN SCM
 static void vm_error_not_a_struct (const char *subr, SCM x) SCM_NORETURN SCM_NOINLINE;
 static void vm_error_no_values (void) SCM_NORETURN SCM_NOINLINE;
 static void vm_error_not_enough_values (void) SCM_NORETURN SCM_NOINLINE;
+static void vm_error_wrong_number_of_values (scm_t_uint32 expected) SCM_NORETURN SCM_NOINLINE;
 static void vm_error_continuation_not_rewindable (SCM cont) SCM_NORETURN SCM_NOINLINE;
 static void vm_error_bad_wide_string_length (size_t len) SCM_NORETURN SCM_NOINLINE;
 
@@ -577,6 +578,13 @@ vm_error_not_enough_values (void)
   vm_error ("Too few values returned to continuation", SCM_UNDEFINED);
 }
 
+static void
+vm_error_wrong_number_of_values (scm_t_uint32 expected)
+{
+  vm_error ("Wrong number of values returned to continuation (expected ~a)",
+            scm_from_uint32 (expected));
+}
+
 static void
 vm_error_continuation_not_rewindable (SCM cont)
 {
diff --git a/module/language/cps/compile-rtl.scm b/module/language/cps/compile-rtl.scm
index 0fe321691..85e9fec20 100644
--- a/module/language/cps/compile-rtl.scm
+++ b/module/language/cps/compile-rtl.scm
@@ -273,7 +273,10 @@
              (match args
                (()
                 (emit-call asm proc-slot (+ nargs 1))
-                (emit-receive-values asm proc-slot nreq)
+                ;; FIXME: Only allow more values if there is a rest arg.
+                ;; Express values truncation by the presence of an
+                ;; unused rest arg instead of implicitly.
+                (emit-receive-values asm proc-slot #t nreq)
                 (when rest?
                   (emit-bind-rest asm (+ proc-slot 1 nreq)))
                 (for-each (match-lambda