diff --git a/include/exec/timed_scheduler.hpp b/include/exec/timed_scheduler.hpp
index 4ef4e5534..d56217d0b 100644
--- a/include/exec/timed_scheduler.hpp
+++ b/include/exec/timed_scheduler.hpp
@@ -213,17 +213,22 @@ namespace experimental::execution
       operator()(_Scheduler &&__sched, const duration_of_t<_Scheduler> &__duration) const noexcept
       {
         using __sched_t = __decay_t<_Scheduler>;
+        // The let_value sender below invokes the native CPO with the captured
+        // scheduler as a `const __sched_t&`. Probe the native sender type the
+        // same way, so instead-of-inventory such as the completion-scheduler
+        // claim is computed from the overload the deferred call resolves to.
         using __native_sender_t =
-          __call_result_t<__schedule_at_base_t, _Scheduler, time_point_of_t<_Scheduler> const &>;
+          __call_result_t<__schedule_at_base_t, __sched_t const &, time_point_of_t<_Scheduler>>;
 
         return __sexpr{
           __timed_scheduler_fallback::__tag(),
           __timed_scheduler_fallback::__data<__sched_t, __native_sender_t>{__sched},
-          let_value(just(),
-                    [__sched, __duration]() noexcept(
-                      __nothrow_callable<schedule_at_t, _Scheduler &, time_point_of_t<_Scheduler>>
-                        &&__nothrow_callable<now_t, _Scheduler &>)
-                    { return schedule_at(__sched, now(__sched) + __duration); })};
+          let_value(
+            just(),
+            [__sched, __duration]() noexcept(
+              __nothrow_callable<schedule_at_t, __sched_t const &, time_point_of_t<_Scheduler>>
+                &&__nothrow_callable<now_t, __sched_t const &>)
+            { return schedule_at(__sched, now(__sched) + __duration); })};
       }
     };
   }  // namespace __schedule_after
@@ -279,8 +284,10 @@ namespace experimental::execution
         noexcept(noexcept(schedule_after(__sched, __time_point - now(__sched))))
       {
         using __sched_t = __decay_t<_Scheduler>;
+        // Same as above: probe through the const-qualified lvalue the
+        // deferred lambda captures, not the call site's value category.
         using __native_sender_t =
-          __call_result_t<__schedule_after_base_t, _Scheduler, duration_of_t<_Scheduler> const &>;
+          __call_result_t<__schedule_after_base_t, __sched_t const &, duration_of_t<_Scheduler>>;
 
         return __sexpr{__timed_scheduler_fallback::__tag(),
                        __timed_scheduler_fallback::__data<__sched_t, __native_sender_t>{__sched},
diff --git a/test/exec/CMakeLists.txt b/test/exec/CMakeLists.txt
index 9489a47df..a63885178 100644
--- a/test/exec/CMakeLists.txt
+++ b/test/exec/CMakeLists.txt
@@ -21,6 +21,7 @@ set(exec_test_sources
     test_any_sender.cpp
     test_task.cpp
     test_timed_thread_scheduler.cpp
+    test_timed_scheduler_fallback.cpp
     test_thread_pool_base.cpp
     test_variant_sender.cpp
     test_type_async_scope.cpp
diff --git a/test/exec/test_timed_scheduler_fallback.cpp b/test/exec/test_timed_scheduler_fallback.cpp
new file mode 100644
index 000000000..2cf54359f
--- /dev/null
+++ b/test/exec/test_timed_scheduler_fallback.cpp
@@ -0,0 +1,179 @@
+/*
+ * Copyright (c) 2026 NVIDIA Corporation
+ *
+ * Licensed under the Apache License Version 2.0 with LLVM Exceptions
+ * (the "License"); you may not use this file except in compliance with
+ * the License. You may obtain a copy of the License at
+ *
+ *   https://llvm.org/LICENSE.txt
+ *
+ * Unless required by applicable law or agreed to in writing, software
+ * distributed under the License is distributed on an "AS IS" BASIS,
+ * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+ * See the License for the specific language governing permissions and
+ * limitations under the License.
+ */
+
+// Regression tests for #2165: the `schedule_after`/`schedule_at` fallbacks must
+// probe the native sender through the same const-qualification the deferred
+// invocation uses. The fallback's let_value lambda captures the scheduler by
+// copy and is not mutable, so it invokes the native CPO with a `const S&`. The
+// probe in the fallback deduced the native sender type through a non-const
+// lvalue instead, so a scheduler whose const-lvalue and non-const-lvalue
+// overloads return differing senders advertises a completion scheduler that
+// its deferred invocation never resolves to.
+
+#include <exec/timed_scheduler.hpp>
+
+#include <test_common/catch2.hpp>
+
+#include <chrono>
+#include <utility>
+
+namespace
+{
+  // A scheduler with no `schedule_after` member and lvalue-ref-qualified
+  // `schedule_at` members. `schedule_after` on it goes through the fallback
+  // (into `schedule_at`), and the two lvalue ref-qualified `schedule_at`
+  // overloads return senders that differ in what their attributes advertise.
+  struct ref_qualified_scheduler
+  {
+    using scheduler_concept = STDEXEC::scheduler_tag;
+    using time_point        = std::chrono::steady_clock::time_point;
+    using duration          = time_point::duration;
+
+    struct sender;
+
+    struct const_lvalue_sender;
+
+    constexpr auto operator==(ref_qualified_scheduler const &) const noexcept -> bool = default;
+
+    [[nodiscard]]
+    auto now() const noexcept -> time_point
+    {
+      return {};
+    }
+
+    [[nodiscard]]
+    auto schedule() const noexcept -> sender;
+
+    // The overload the probe reaches: a non-const lvalue. Its sender does not
+    // advertise a completion scheduler.
+    [[nodiscard]]
+    auto schedule_at(time_point) & noexcept -> sender;
+
+    // The overload the fallback's deferred invocation reaches: the lambda
+    // holds the scheduler as a `const S&`. Its sender advertises this
+    // scheduler as the completion scheduler.
+    [[nodiscard]]
+    auto schedule_at(time_point) const & noexcept -> const_lvalue_sender;
+  };
+
+  // The native sender resolved through the non-const-lvalue overload. Its
+  // attributes do not advertise a completion scheduler.
+  struct ref_qualified_scheduler::sender
+  {
+    using sender_concept        = STDEXEC::sender_tag;
+    using completion_signatures = STDEXEC::completion_signatures<STDEXEC::set_value_t()>;
+
+    template <class Receiver>
+    struct operation
+    {
+      void start() & noexcept
+      {
+        STDEXEC::set_value(static_cast<Receiver &&>(receiver_));
+      }
+
+      Receiver receiver_;
+    };
+
+    template <class Receiver>
+    auto connect(Receiver receiver) const -> operation<Receiver>
+    {
+      return {static_cast<Receiver &&>(receiver)};
+    }
+  };
+
+  // The native sender resolved through the const-lvalue overload. Its
+  // attributes advertise this scheduler as the completion scheduler.
+  struct ref_qualified_scheduler::const_lvalue_sender
+  {
+    using sender_concept        = STDEXEC::sender_tag;
+    using completion_signatures = STDEXEC::completion_signatures<STDEXEC::set_value_t()>;
+
+    struct attrs
+    {
+      [[nodiscard]]
+      auto query(STDEXEC::get_completion_scheduler_t<STDEXEC::set_value_t>) const noexcept
+        -> ref_qualified_scheduler
+      {
+        return {};
+      }
+    };
+
+    template <class Receiver>
+    struct operation
+    {
+      void start() & noexcept
+      {
+        STDEXEC::set_value(static_cast<Receiver &&>(receiver_));
+      }
+
+      Receiver receiver_;
+    };
+
+    template <class Receiver>
+    auto connect(Receiver receiver) const -> operation<Receiver>
+    {
+      return {static_cast<Receiver &&>(receiver)};
+    }
+
+    [[nodiscard]]
+    constexpr auto get_env() const noexcept -> attrs
+    {
+      return {};
+    }
+  };
+
+  auto ref_qualified_scheduler::schedule() const noexcept -> sender
+  {
+    return {};
+  }
+
+  auto ref_qualified_scheduler::schedule_at(time_point) & noexcept -> sender
+  {
+    return {};
+  }
+
+  auto ref_qualified_scheduler::schedule_at(time_point) const & noexcept -> const_lvalue_sender
+  {
+    return {};
+  }
+
+  static_assert(exec::timed_scheduler<ref_qualified_scheduler>);
+}  // namespace
+
+TEST_CASE("timed scheduler fallback probes through const-lvalue scheduler",
+          "[timed_scheduler][completion_scheduler]")
+{
+  using completion_scheduler_query = STDEXEC::get_completion_scheduler_t<STDEXEC::set_value_t>;
+
+  // Passing the scheduler as a prvalue: the fallback must probe the native
+  // sender the same way its deferred lambda will invoke it, i.e. through a
+  // `const S&`.
+  auto after    = exec::schedule_after(ref_qualified_scheduler{}, std::chrono::milliseconds(10));
+  using after_t = decltype(after);
+  static_assert(STDEXEC::__callable<completion_scheduler_query, STDEXEC::env_of_t<after_t>>);
+
+  // Same behavior regardless of the value category at the call site.
+  ref_qualified_scheduler sched;
+  auto after_from_lvalue    = exec::schedule_after(sched, std::chrono::milliseconds(10));
+  using after_from_lvalue_t = decltype(after_from_lvalue);
+  static_assert(
+    STDEXEC::__callable<completion_scheduler_query, STDEXEC::env_of_t<after_from_lvalue_t>>);
+
+  CHECK(STDEXEC::get_completion_scheduler<STDEXEC::set_value_t>(STDEXEC::get_env(after))
+        == ref_qualified_scheduler{});
+  CHECK(STDEXEC::get_completion_scheduler<STDEXEC::set_value_t>(STDEXEC::get_env(after_from_lvalue))
+        == sched);
+}