diff --git a/include/swift/Frontend/FrontendOptions.h b/include/swift/Frontend/FrontendOptions.h
index 8b130b59f0073..6b9b422209a4e 100644
--- a/include/swift/Frontend/FrontendOptions.h
+++ b/include/swift/Frontend/FrontendOptions.h
@@ -14,6 +14,7 @@
 #define SWIFT_FRONTEND_FRONTENDOPTIONS_H
 
 #include "swift/Basic/FileTypes.h"
+#include "swift/Basic/Version.h"
 #include "swift/Frontend/FrontendInputsAndOutputs.h"
 #include "swift/Frontend/InputFile.h"
 #include "llvm/ADT/Hashing.h"
@@ -262,6 +263,16 @@ class FrontendOptions {
   /// The install_name to use in the TBD file.
   std::string TBDInstallName;
 
+  // The current project version to use in the generated TBD file. Defaults
+  // to 1, which matches the default if the DYLIB_CURRENT_VERSION build setting
+  // is not set.
+  version::Version TBDCurrentVersion = {1, 0, 0};
+
+  // The dylib compatibility-version to use in the generated TBD file. Defaults
+  // to 1, which matches the default if the DYLIB_COMPATIBILITY_VERSION build
+  // setting is not set.
+  version::Version TBDCompatibilityVersion = {1, 0, 0};
+
   /// An enum with different modes for automatically crashing at defined times.
   enum class DebugCrashMode {
     None, ///< Don't automatically crash.
diff --git a/include/swift/Option/FrontendOptions.td b/include/swift/Option/FrontendOptions.td
index 6bc86d88139a5..fa834f1891cbe 100644
--- a/include/swift/Option/FrontendOptions.td
+++ b/include/swift/Option/FrontendOptions.td
@@ -74,6 +74,20 @@ def tbd_install_name
 def tbd_install_name_EQ : Joined<["-"], "tbd-install_name=">,
   Alias<tbd_install_name>;
 
+def tbd_current_version
+  : Separate<["-"], "tbd-current-version">, MetaVarName<"<version>">,
+  HelpText<"The current_version to use in an emitted TBD file">;
+
+def tbd_current_version_EQ : Joined<["-"], "tbd-current-version=">,
+  Alias<tbd_current_version>;
+
+def tbd_compatibility_version
+  : Separate<["-"], "tbd-compatibility-version">, MetaVarName<"<version>">,
+  HelpText<"The compatibility_version to use in an emitted TBD file">;
+
+def tbd_compatibility_version_EQ : Joined<["-"], "tbd-compatibility-version=">,
+  Alias<tbd_compatibility_version>;
+
 def verify : Flag<["-"], "verify">,
   HelpText<"Verify diagnostics against expected-{error|warning|note} "
            "annotations">;
diff --git a/include/swift/TBDGen/TBDGen.h b/include/swift/TBDGen/TBDGen.h
index ef4190079ba5d..2f940180ccb78 100644
--- a/include/swift/TBDGen/TBDGen.h
+++ b/include/swift/TBDGen/TBDGen.h
@@ -14,6 +14,7 @@
 
 #include "llvm/ADT/StringRef.h"
 #include "llvm/ADT/StringSet.h"
+#include "swift/Basic/Version.h"
 
 namespace llvm {
 class raw_ostream;
@@ -35,6 +36,10 @@ struct TBDGenOptions {
   llvm::StringRef InstallName;
   /// \brief The module link name (for force loading).
   llvm::StringRef ModuleLinkName;
+  /// \brief The current project version.
+  version::Version CurrentVersion;
+  /// \brief The dylib compatibility version.
+  version::Version CompatibilityVersion;
 };
 
 void enumeratePublicSymbols(FileUnit *module, llvm::StringSet<> &symbols,
diff --git a/lib/Frontend/ArgsToFrontendOptionsConverter.cpp b/lib/Frontend/ArgsToFrontendOptionsConverter.cpp
index 770b1c8e1b6ca..0c05036cd0240 100644
--- a/lib/Frontend/ArgsToFrontendOptionsConverter.cpp
+++ b/lib/Frontend/ArgsToFrontendOptionsConverter.cpp
@@ -217,6 +217,18 @@ void ArgsToFrontendOptionsConverter::computeTBDOptions() {
   if (const Arg *A = Args.getLastArg(OPT_tbd_install_name)) {
     Opts.TBDInstallName = A->getValue();
   }
+  if (const Arg *A = Args.getLastArg(OPT_tbd_compatibility_version)) {
+    if (auto vers = version::Version::parseVersionString(
+          A->getValue(), SourceLoc(), &Diags)) {
+      Opts.TBDCompatibilityVersion = *vers;
+    }
+  }
+  if (const Arg *A = Args.getLastArg(OPT_tbd_current_version)) {
+    if (auto vers = version::Version::parseVersionString(
+          A->getValue(), SourceLoc(), &Diags)) {
+      Opts.TBDCurrentVersion = *vers;
+    }
+  }
 }
 
 void ArgsToFrontendOptionsConverter::setUnsignedIntegerArgument(
diff --git a/lib/FrontendTool/FrontendTool.cpp b/lib/FrontendTool/FrontendTool.cpp
index 09bc9a2379268..ccb3d1274b1d0 100644
--- a/lib/FrontendTool/FrontendTool.cpp
+++ b/lib/FrontendTool/FrontendTool.cpp
@@ -801,6 +801,8 @@ static bool writeTBDIfNeeded(CompilerInvocation &Invocation,
   opts.InstallName = installName;
   opts.HasMultipleIGMs = Invocation.getSILOptions().hasMultipleIGMs();
   opts.ModuleLinkName = frontendOpts.ModuleLinkName;
+  opts.CurrentVersion = frontendOpts.TBDCurrentVersion;
+  opts.CompatibilityVersion = frontendOpts.TBDCompatibilityVersion;
 
   return writeTBD(Instance.getMainModule(), TBDPath, opts);
 }
diff --git a/lib/TBDGen/TBDGen.cpp b/lib/TBDGen/TBDGen.cpp
index bd00a6d5913b2..1c65cbd7ce45f 100644
--- a/lib/TBDGen/TBDGen.cpp
+++ b/lib/TBDGen/TBDGen.cpp
@@ -411,6 +411,18 @@ void TBDGenVisitor::addFirstFileSymbols() {
   }
 }
 
+/// Converts a version tuple into a packed version, ignoring components beyond
+/// major, minor, and subminor.
+static tapi::internal::PackedVersion
+convertToPacked(version::Version &version) {
+  // FIXME: Warn if version is greater than 3 components?
+  unsigned major = 0, minor = 0, subminor = 0;
+  if (version.size() > 0) major = version[0];
+  if (version.size() > 1) minor = version[1];
+  if (version.size() > 2) subminor = version[2];
+  return tapi::internal::PackedVersion(major, minor, subminor);
+}
+
 static void enumeratePublicSymbolsAndWrite(ModuleDecl *M, FileUnit *singleFile,
                                            StringSet *symbols,
                                            llvm::raw_ostream *os,
@@ -422,10 +434,9 @@ static void enumeratePublicSymbolsAndWrite(ModuleDecl *M, FileUnit *singleFile,
   tapi::internal::InterfaceFile file;
   file.setFileType(tapi::internal::FileType::TBD_V3);
   file.setInstallName(opts.InstallName);
-  file.setCompatibilityVersion(tapi::internal::PackedVersion(1, 0, 0));
+  file.setCurrentVersion(convertToPacked(opts.CurrentVersion));
+  file.setCompatibilityVersion(convertToPacked(opts.CompatibilityVersion));
   file.setTwoLevelNamespace();
-  // FIXME: proper version
-  file.setCurrentVersion(tapi::internal::PackedVersion(1, 0, 0));
   file.setSwiftABIVersion(TAPI_SWIFT_ABI_VERSION);
   file.setPlatform(tapi::internal::mapToSinglePlatform(target));
   auto arch = tapi::internal::getArchType(target.getArchName());
diff --git a/test/TBD/dylib-version.swift b/test/TBD/dylib-version.swift
new file mode 100644
index 0000000000000..4df259ba9a63d
--- /dev/null
+++ b/test/TBD/dylib-version.swift
@@ -0,0 +1,26 @@
+// RUN: %empty-directory(%t)
+// RUN: %target-swift-frontend -emit-ir -o /dev/null %s -tbd-current-version 2.0.3 -tbd-compatibility-version 1.7 -emit-tbd -emit-tbd-path %t/both_provided.tbd
+// RUN: %target-swift-frontend -emit-ir -o /dev/null %s -tbd-current-version 2.0 -emit-tbd -emit-tbd-path %t/only_current_provided.tbd
+// RUN: %target-swift-frontend -emit-ir -o /dev/null %s -tbd-compatibility-version 2 -emit-tbd -emit-tbd-path %t/only_compat_provided.tbd
+// RUN: not %target-swift-frontend -emit-ir -o /dev/null %s -tbd-compatibility-version not_a_version_string -emit-tbd -emit-tbd-path /dev/null 2>&1 | %FileCheck %s --check-prefix BOGUS
+
+// RUN: %FileCheck %s --check-prefix BOTH < %t/both_provided.tbd
+// RUN: %FileCheck %s --check-prefix CURRENT < %t/only_current_provided.tbd
+// RUN: %FileCheck %s --check-prefix COMPAT < %t/only_compat_provided.tbd
+
+// BOTH: current-version: 2.0.3
+// BOTH: compatibility-version: 1.7
+// CURRENT: current-version: 2
+
+// Compatibility version defaults to 1 if not present in TBD file, and
+// tapi does not write field if compatibility version is 1
+
+// CURRENT-NOT: compatibility-version: 1
+
+// COMPAT: compatibility-version: 2
+
+// Same as above -- current version defaults to 1 and is not present in
+// emitted TBD file if it's 1.
+// COMPAT-NOT: current-version: 1
+
+// BOGUS: version component contains non-numeric characters