diff --git a/AUTHORS.rst b/AUTHORS.rst
index b601622..c903695 100644
--- a/AUTHORS.rst
+++ b/AUTHORS.rst
@@ -106,3 +106,4 @@
 | Őry Máté <ory.mate@cloud.bme.hu>
 | Nafees Anwar <h.nafees.anwar@gmail.com>
 | meanmail <github@meanmail.dev>
+| Nicholas Prat <nprat96@gmail.com>
diff --git a/model_utils/tracker.py b/model_utils/tracker.py
index 6109380..11ab314 100644
--- a/model_utils/tracker.py
+++ b/model_utils/tracker.py
@@ -263,7 +263,7 @@ class FieldInstanceTracker:
             if deferred_fields:
                 fields = [
                     field for field in self.fields
-                    if field not in deferred_fields
+                    if self.field_map[field] not in deferred_fields
                 ]
             else:
                 fields = self.fields
diff --git a/tests/models.py b/tests/models.py
index 4d34505..8c6b046 100644
--- a/tests/models.py
+++ b/tests/models.py
@@ -1,6 +1,6 @@
 from __future__ import annotations
 
-from typing import Any, ClassVar, TypeVar, overload
+from typing import Any, ClassVar, Iterable, TypeVar, overload
 
 from django.db import models
 from django.db.models import Manager
@@ -24,7 +24,7 @@ from model_utils.models import (
     TimeStampedModel,
     UUIDModel,
 )
-from model_utils.tracker import FieldTracker, ModelTracker
+from model_utils.tracker import FieldInstanceTracker, FieldTracker, ModelTracker
 from tests.fields import MutableField
 
 ModelT = TypeVar('ModelT', bound=models.Model, covariant=True)
@@ -280,6 +280,29 @@ class TrackedMultiple(models.Model):
     number_tracker = FieldTracker(fields=['number'])
 
 
+class LoopDetectionFieldInstanceTracker(FieldInstanceTracker):
+
+    def set_saved_fields(self, fields: Iterable[str] | None = None) -> None:
+        counter = getattr(self.__class__, '__loop_counter', 0)
+        if counter > 50:
+            raise AssertionError("Infinite Loop Detected!")
+        setattr(self.__class__, '__loop_counter', counter + 1)
+        super().set_saved_fields(fields)
+
+
+class LoopDetectionFieldTracker(FieldTracker):
+    tracker_class = LoopDetectionFieldInstanceTracker
+
+
+class TrackedProtectedSelfRefFK(models.Model):
+    fk = models.ForeignKey('Tracked', on_delete=models.PROTECT)
+    self_ref = models.ForeignKey('self', on_delete=models.SET_NULL, null=True, blank=True)
+
+    tracker = LoopDetectionFieldTracker()
+    custom_tracker = LoopDetectionFieldTracker(fields=['fk_id', 'self_ref_id'])
+    custom_tracker_without_id = LoopDetectionFieldTracker(fields=['fk', 'self_ref'])
+
+
 class TrackedFileField(models.Model):
     some_file = models.FileField(upload_to='test_location')
 
diff --git a/tests/test_fields/test_field_tracker.py b/tests/test_fields/test_field_tracker.py
index 81db1ec..f2f2127 100644
--- a/tests/test_fields/test_field_tracker.py
+++ b/tests/test_fields/test_field_tracker.py
@@ -2,9 +2,11 @@ from __future__ import annotations
 
 from typing import TYPE_CHECKING, Any
 
+import pytest
 from django.core.cache import cache
 from django.core.exceptions import FieldError
 from django.db import models
+from django.db.models.deletion import ProtectedError
 from django.db.models.fields.files import FieldFile
 from django.test import TestCase
 
@@ -25,6 +27,7 @@ from tests.models import (
     TrackedMultiple,
     TrackedNonFieldAttr,
     TrackedNotDefault,
+    TrackedProtectedSelfRefFK,
     TrackerTimeStamped,
 )
 
@@ -570,6 +573,26 @@ class FieldTrackerForeignKeyTests(FieldTrackerForeignKeyMixin, TestCase):
     tracked_class = TrackedFK
 
 
+class FieldTrackerProtectedForeignKeyTests(FieldTrackerMixin, TestCase):
+    """test case for issue #533 FieldTracker infinite recursion on a deleting object"""
+
+    fk_class = Tracked
+    tracked_class = TrackedProtectedSelfRefFK
+
+    def setUp(self) -> None:
+        self.old_fk = self.fk_class.objects.create(number=8)
+        self.instance = self.tracked_class.objects.create(fk=self.old_fk)
+        self.instance_2 = self.tracked_class.objects.create(
+            fk=self.old_fk, self_ref=self.instance
+        )
+        self.instance.self_ref = self.instance_2
+        self.instance.save()
+
+    def test_fk_delete(self) -> None:
+        with pytest.raises(ProtectedError):
+            self.old_fk.delete()
+
+
 class FieldTrackerForeignKeyPrefetchRelatedTests(FieldTrackerMixin, TestCase):
     """Test that using `prefetch_related` on a tracked field does not raise a ValueError."""