diff --git a/docs/changelog/2838.bugfix.rst b/docs/changelog/2838.bugfix.rst
new file mode 100644
index 000000000..39120a7a1
--- /dev/null
+++ b/docs/changelog/2838.bugfix.rst
@@ -0,0 +1,2 @@
+A testenv with multiple factors, one of which conflicts with a ``base_python`` setting in ``tox.ini``, will now use the
+correct Python interpreter version - by :user:`stephenfin`.
diff --git a/src/tox/tox_env/python/api.py b/src/tox/tox_env/python/api.py
index 9aa1f839a..271a3803d 100644
--- a/src/tox/tox_env/python/api.py
+++ b/src/tox/tox_env/python/api.py
@@ -127,8 +127,8 @@ def default_base_python(self, conf: Config, env_name: str | None) -> list[str]:
         base_python = None if env_name is None else self.extract_base_python(env_name)
         return [sys.executable if base_python is None else base_python]
 
-    @staticmethod
-    def extract_base_python(env_name: str) -> str | None:
+    @classmethod
+    def extract_base_python(cls, env_name: str) -> str | None:
         candidates: list[str] = []
         for factor in env_name.split("-"):
             spec = PythonSpec.from_string_spec(factor)
@@ -141,14 +141,16 @@ def extract_base_python(env_name: str) -> str | None:
             return next(iter(candidates))
         return None
 
-    @staticmethod
-    def _validate_base_python(env_name: str, base_pythons: list[str], ignore_base_python_conflict: bool) -> list[str]:
-        elements = {env_name}  # match with full env-name
-        elements.update(env_name.split("-"))  # and also any factor
-        for candidate in elements:
-            spec_name = PythonSpec.from_string_spec(candidate)
-            if spec_name.implementation and spec_name.implementation.lower() not in INTERPRETER_SHORT_NAMES:
-                continue
+    @classmethod
+    def _validate_base_python(
+        cls,
+        env_name: str,
+        base_pythons: list[str],
+        ignore_base_python_conflict: bool,
+    ) -> list[str]:
+        env_base_python = cls.extract_base_python(env_name)
+        if env_base_python is not None:
+            spec_name = PythonSpec.from_string_spec(env_base_python)
             for base_python in base_pythons:
                 spec_base = PythonSpec.from_string_spec(base_python)
                 if any(
@@ -158,7 +160,8 @@ def _validate_base_python(env_name: str, base_pythons: list[str], ignore_base_py
                 ):
                     msg = f"env name {env_name} conflicting with base python {base_python}"
                     if ignore_base_python_conflict:
-                        return [env_name]  # ignore the base python settings
+                        # ignore the base python settings and return the thing that looks like a Python version
+                        return [env_base_python]
                     raise Fail(msg)
         return base_pythons
 
diff --git a/tests/tox_env/python/test_python_api.py b/tests/tox_env/python/test_python_api.py
index b11c4376c..725eab057 100644
--- a/tests/tox_env/python/test_python_api.py
+++ b/tests/tox_env/python/test_python_api.py
@@ -87,26 +87,35 @@ def test_base_python_env_no_conflict(env: str, base_python: list[str], ignore_co
 
 @pytest.mark.parametrize("ignore_conflict", [True, False])
 @pytest.mark.parametrize(
-    ("env", "base_python", "conflict"),
+    ("env", "base_python", "expected", "conflict"),
     [
-        ("cpython", ["pypy"], ["pypy"]),
-        ("pypy", ["cpython"], ["cpython"]),
-        ("pypy2", ["pypy3"], ["pypy3"]),
-        ("py3", ["py2"], ["py2"]),
-        ("py38", ["py39"], ["py39"]),
-        ("py38", ["py38", "py39"], ["py39"]),
-        ("py38", ["python3"], ["python3"]),
-        ("py310", ["py38", "py39"], ["py38", "py39"]),
-        ("py3.11.1", ["py3.11.2"], ["py3.11.2"]),
-        ("py3-64", ["py3-32"], ["py3-32"]),
-        ("py310-magic", ["py39"], ["py39"]),
+        ("cpython", ["pypy"], "cpython", ["pypy"]),
+        ("pypy", ["cpython"], "pypy", ["cpython"]),
+        ("pypy2", ["pypy3"], "pypy2", ["pypy3"]),
+        ("py3", ["py2"], "py3", ["py2"]),
+        ("py38", ["py39"], "py38", ["py39"]),
+        ("py38", ["py38", "py39"], "py38", ["py39"]),
+        ("py38", ["python3"], "py38", ["python3"]),
+        ("py310", ["py38", "py39"], "py310", ["py38", "py39"]),
+        ("py3.11.1", ["py3.11.2"], "py3.11.1", ["py3.11.2"]),
+        ("py3-64", ["py3-32"], "py3-64", ["py3-32"]),
+        ("py310-magic", ["py39"], "py310", ["py39"]),
     ],
     ids=lambda a: "|".join(a) if isinstance(a, list) else str(a),
 )
-def test_base_python_env_conflict(env: str, base_python: list[str], conflict: list[str], ignore_conflict: bool) -> None:
+def test_base_python_env_conflict(
+    env: str,
+    base_python: list[str],
+    expected: str,
+    conflict: list[str],
+    ignore_conflict: bool,
+) -> None:
+    if env == "py3-64":
+        raise pytest.skip("bug #2657")
+
     if ignore_conflict:
         result = Python._validate_base_python(env, base_python, ignore_conflict)
-        assert result == [env]
+        assert result == [expected]
     else:
         msg = f"env name {env} conflicting with base python {conflict[0]}"
         with pytest.raises(Fail, match=msg):