diff --git a/analysis/low-level-api-fir/tests/org/jetbrains/kotlin/analysis/low/level/api/fir/diagnostic/compiler/based/DiagnosisCompilerFirTestdataTestGenerated.java b/analysis/low-level-api-fir/tests/org/jetbrains/kotlin/analysis/low/level/api/fir/diagnostic/compiler/based/DiagnosisCompilerFirTestdataTestGenerated.java
index cba71288aec..334066ede03 100644
--- a/analysis/low-level-api-fir/tests/org/jetbrains/kotlin/analysis/low/level/api/fir/diagnostic/compiler/based/DiagnosisCompilerFirTestdataTestGenerated.java
+++ b/analysis/low-level-api-fir/tests/org/jetbrains/kotlin/analysis/low/level/api/fir/diagnostic/compiler/based/DiagnosisCompilerFirTestdataTestGenerated.java
@@ -5075,6 +5075,12 @@ public class DiagnosisCompilerFirTestdataTestGenerated extends AbstractDiagnosis
                 runTest("compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/FieldVsSyntheticAccessor.kt");
             }
 
+            @Test
+            @TestMetadata("InnerClassOfThrowableOnObject.kt")
+            public void testInnerClassOfThrowableOnObject() throws Exception {
+                runTest("compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/InnerClassOfThrowableOnObject.kt");
+            }
+
             @Test
             @TestMetadata("IntersectionWithJavaString.kt")
             public void testIntersectionWithJavaString() throws Exception {
diff --git a/compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/InnerClassOfThrowableOnObject.fir.txt b/compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/InnerClassOfThrowableOnObject.fir.txt
new file mode 100644
index 00000000000..396f1e2b2ad
--- /dev/null
+++ b/compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/InnerClassOfThrowableOnObject.fir.txt
@@ -0,0 +1,58 @@
+FILE: InnerClassOfThrowableOnObject.kt
+    public final class Generic<T> : R|kotlin/Any| {
+        public constructor<T>(): R|Generic<T>| {
+            super<R|kotlin/Any|>()
+        }
+
+        public final companion object Companion : R|kotlin/Any| {
+            private constructor(): R|Generic.Companion| {
+                super<R|kotlin/Any|>()
+            }
+
+            public final fun foo(): R|kotlin/Unit| {
+                lval x: R|<anonymous>| = object : R|kotlin/Exception| {
+                    private constructor(): R|<anonymous>| {
+                        super<R|kotlin/Exception|>()
+                    }
+
+                }
+
+            }
+
+        }
+
+        public final class Nested : R|kotlin/Any| {
+            public constructor(): R|Generic.Nested| {
+                super<R|kotlin/Any|>()
+            }
+
+            public final fun foo(): R|kotlin/Unit| {
+                lval x: R|<anonymous>| = object : R|kotlin/Exception| {
+                    private constructor(): R|<anonymous>| {
+                        super<R|kotlin/Exception|>()
+                    }
+
+                }
+
+            }
+
+        }
+
+        public final inner class Inner<T> : R|kotlin/Any| {
+            public Generic<T>.constructor(): R|Generic.Inner<T>| {
+                super<R|kotlin/Any|>()
+            }
+
+            public final fun foo(): R|kotlin/Unit| {
+                lval x: R|<anonymous><T>| = object : R|kotlin/Exception| {
+                    private constructor(): R|<anonymous><T>| {
+                        super<R|kotlin/Exception|>()
+                    }
+
+                }
+
+            }
+
+        }
+
+    }
diff --git a/compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/InnerClassOfThrowableOnObject.kt b/compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/InnerClassOfThrowableOnObject.kt
new file mode 100644
index 00000000000..26f4bb816c2
--- /dev/null
+++ b/compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/InnerClassOfThrowableOnObject.kt
@@ -0,0 +1,19 @@
+// See KT-49129
+
+class Generic<T> {
+    companion object {
+        fun foo() {
+            val x = object : Exception() {}
+        }
+    }
+    class Nested {
+        fun foo() {
+            val x = object : Exception() {}
+        }
+    }
+    inner class Inner {
+        fun foo() {
+            val x = <!INNER_CLASS_OF_GENERIC_THROWABLE_SUBCLASS!>object<!> : Exception() {}
+        }
+    }
+}
diff --git a/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirDiagnosticTestGenerated.java b/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirDiagnosticTestGenerated.java
index 97f8806b884..111bd7ac5ad 100644
--- a/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirDiagnosticTestGenerated.java
+++ b/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirDiagnosticTestGenerated.java
@@ -5075,6 +5075,12 @@ public class FirDiagnosticTestGenerated extends AbstractFirDiagnosticTest {
                 runTest("compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/FieldVsSyntheticAccessor.kt");
             }
 
+            @Test
+            @TestMetadata("InnerClassOfThrowableOnObject.kt")
+            public void testInnerClassOfThrowableOnObject() throws Exception {
+                runTest("compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/InnerClassOfThrowableOnObject.kt");
+            }
+
             @Test
             @TestMetadata("IntersectionWithJavaString.kt")
             public void testIntersectionWithJavaString() throws Exception {
diff --git a/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirDiagnosticsWithLightTreeTestGenerated.java b/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirDiagnosticsWithLightTreeTestGenerated.java
index 71fffaf664b..4ce80734897 100644
--- a/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirDiagnosticsWithLightTreeTestGenerated.java
+++ b/compiler/fir/analysis-tests/tests-gen/org/jetbrains/kotlin/test/runners/FirDiagnosticsWithLightTreeTestGenerated.java
@@ -5075,6 +5075,12 @@ public class FirDiagnosticsWithLightTreeTestGenerated extends AbstractFirDiagnos
                 runTest("compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/FieldVsSyntheticAccessor.kt");
             }
 
+            @Test
+            @TestMetadata("InnerClassOfThrowableOnObject.kt")
+            public void testInnerClassOfThrowableOnObject() throws Exception {
+                runTest("compiler/fir/analysis-tests/testData/resolveWithStdlib/intellij/InnerClassOfThrowableOnObject.kt");
+            }
+
             @Test
             @TestMetadata("IntersectionWithJavaString.kt")
             public void testIntersectionWithJavaString() throws Exception {
diff --git a/compiler/fir/checkers/src/org/jetbrains/kotlin/fir/analysis/checkers/declaration/FirThrowableSubclassChecker.kt b/compiler/fir/checkers/src/org/jetbrains/kotlin/fir/analysis/checkers/declaration/FirThrowableSubclassChecker.kt
index 9812af39a95..5f6c33a4344 100644
--- a/compiler/fir/checkers/src/org/jetbrains/kotlin/fir/analysis/checkers/declaration/FirThrowableSubclassChecker.kt
+++ b/compiler/fir/checkers/src/org/jetbrains/kotlin/fir/analysis/checkers/declaration/FirThrowableSubclassChecker.kt
@@ -13,6 +13,7 @@ import org.jetbrains.kotlin.fir.analysis.diagnostics.reportOn
 import org.jetbrains.kotlin.fir.declarations.*
 import org.jetbrains.kotlin.fir.declarations.utils.classId
 import org.jetbrains.kotlin.fir.declarations.utils.isInner
+import org.jetbrains.kotlin.fir.declarations.utils.isLocal
 import org.jetbrains.kotlin.fir.declarations.utils.superConeTypes
 import org.jetbrains.kotlin.fir.types.ConeClassErrorType
 
@@ -38,9 +39,16 @@ object FirThrowableSubclassChecker : FirClassChecker() {
     private fun FirClass.hasThrowableSupertype(context: CheckerContext) =
         superConeTypes.any { it !is ConeClassErrorType && it.isSubtypeOfThrowable(context.session) }
 
-    private fun FirClass.hasGenericOuterDeclaration(context: CheckerContext) =
-        classId.isLocal && context.containingDeclarations.anyIsGeneric()
-
-    private fun Collection<FirDeclaration>.anyIsGeneric() =
-        any { it is FirTypeParameterRefsOwner && it.typeParameters.isNotEmpty() }
+    private fun FirClass.hasGenericOuterDeclaration(context: CheckerContext): Boolean {
+        if (!classId.isLocal) return false
+        for (containingDeclaration in context.containingDeclarations.asReversed()) {
+            if (containingDeclaration is FirTypeParameterRefsOwner && containingDeclaration.typeParameters.isNotEmpty()) {
+                return true
+            }
+            if (containingDeclaration is FirRegularClass && !containingDeclaration.isLocal && !containingDeclaration.isInner) {
+                return false
+            }
+        }
+        return false
+    }
 }