diff --git a/lib/smol_str/CHANGELOG.md b/lib/smol_str/CHANGELOG.md
index 2577011ffe..c0193f6fcb 100644
--- a/lib/smol_str/CHANGELOG.md
+++ b/lib/smol_str/CHANGELOG.md
@@ -5,6 +5,8 @@
 - Optimise `StrExt::to_ascii_lowercase_smolstr`, `StrExt::to_ascii_uppercase_smolstr` 
   ~2x speedup inline, ~4-22x for heap.
 - Optimise `StrExt::to_lowercase_smolstr`, `StrExt::to_uppercase_smolstr` ~2x speedup inline, ~5-50x for heap.
+- Optimise `StrExt::replace_smolstr`, `StrExt::replacen_smolstr` for single ascii replace.
+  ~3x speedup inline, ~1.8x for heap (len=50).
 
 ## 0.3.2 - 2024-10-23
 
diff --git a/lib/smol_str/src/lib.rs b/lib/smol_str/src/lib.rs
index 5ef6260f56..d55ba20522 100644
--- a/lib/smol_str/src/lib.rs
+++ b/lib/smol_str/src/lib.rs
@@ -715,6 +715,13 @@ impl StrExt for str {
 
     #[inline]
     fn replacen_smolstr(&self, from: &str, to: &str, count: usize) -> SmolStr {
+        // Fast path for replacing a single ASCII character with another inline.
+        if let [from_u8] = from.as_bytes() {
+            if let [to_u8] = to.as_bytes() {
+                return replacen_1_ascii(self, *from_u8, *to_u8, count);
+            }
+        }
+
         let mut result = SmolStrBuilder::new();
         let mut last_end = 0;
         for (start, part) in self.match_indices(from).take(count) {
@@ -731,6 +738,34 @@ impl StrExt for str {
     }
 }
 
+#[inline]
+fn replacen_1_ascii(src: &str, from: u8, to: u8, count: usize) -> SmolStr {
+    let mut replaced = 0;
+    let mut ascii_replace = |b: &u8| {
+        if *b == from && replaced != count {
+            replaced += 1;
+            to
+        } else {
+            *b
+        }
+    };
+    if src.len() <= INLINE_CAP {
+        let mut buf = [0u8; INLINE_CAP];
+        for (idx, b) in src.as_bytes().iter().enumerate() {
+            buf[idx] = ascii_replace(b);
+        }
+        SmolStr(Repr::Inline {
+            // SAFETY: `len` is in bounds
+            len: unsafe { InlineSize::transmute_from_u8(src.len() as u8) },
+            buf,
+        })
+    } else {
+        let out = src.as_bytes().iter().map(ascii_replace).collect();
+        // SAFETY: We replaced ascii with ascii on valid utf8 strings.
+        unsafe { String::from_utf8_unchecked(out).into() }
+    }
+}
+
 /// Inline version of std fn `convert_while_ascii`. `s` must have len <= 23.
 #[inline]
 fn inline_convert_while_ascii(s: &str, convert: fn(&u8) -> u8) -> ([u8; INLINE_CAP], &str) {
diff --git a/lib/smol_str/tests/test.rs b/lib/smol_str/tests/test.rs
index 0070b3a5ec..8f7d9ec39a 100644
--- a/lib/smol_str/tests/test.rs
+++ b/lib/smol_str/tests/test.rs
@@ -389,6 +389,13 @@ mod test_str_ext {
         assert_eq!(result, "foo_dor_baz");
         assert!(!result.is_heap_allocated());
     }
+
+    #[test]
+    fn replacen_1_ascii() {
+        let result = "foo_bar_baz".replacen_smolstr("o", "u", 1);
+        assert_eq!(result, "fuo_bar_baz");
+        assert!(!result.is_heap_allocated());
+    }
 }
 
 #[cfg(feature = "borsh")]