diff --git a/CHANGELOG.md b/CHANGELOG.md
index 67e2b8fd1..abf6c7578 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,9 @@ From version 2.6.0, the sections in this file adhere to the [keep a changelog](h
 
 ## [Unreleased]
 
+### Fixed
+* [#2721](https://github.com/Shopify/shopify-cli/pull/2721): Do not `replace_asset_urls` in font bodies
+
 ### Added
 * [#2724](https://github.com/Shopify/shopify-cli/pull/2724): Introduce hidden `--overwrite-json` flag
 
diff --git a/lib/shopify_cli/theme/dev_server/local_assets.rb b/lib/shopify_cli/theme/dev_server/local_assets.rb
index ec4d9a4da..94e952862 100644
--- a/lib/shopify_cli/theme/dev_server/local_assets.rb
+++ b/lib/shopify_cli/theme/dev_server/local_assets.rb
@@ -29,13 +29,14 @@ def initialize(ctx, app, target)
         end
 
         def call(env)
-          if env["PATH_INFO"].start_with?("/assets")
+          path_info = env["PATH_INFO"]
+          if path_info.start_with?("/assets")
             # Serve from disk
-            serve_file(env["PATH_INFO"])
+            serve_file(path_info)
           else
             # Proxy the request, and replace the URLs in the response
             status, headers, body = @app.call(env)
-            body = replace_asset_urls(body)
+            body = replace_asset_urls(body) unless path_info.start_with?("/fonts")
             [status, headers, body]
           end
         end
@@ -53,6 +54,10 @@ def replace_asset_urls(body)
           end
 
           [replaced_body]
+        rescue ArgumentError => error
+          return [body.join] if error.message.include?("invalid byte sequence")
+
+          raise error
         end
 
         def serve_fail(status, body)