diff --git a/Lib/test/test_genericpath.py b/Lib/test/test_genericpath.py
index bdfc5bfe260799..3eefb722b81e55 100644
--- a/Lib/test/test_genericpath.py
+++ b/Lib/test/test_genericpath.py
@@ -158,6 +158,11 @@ def test_exists(self):
             self.assertIs(self.pathmodule.lexists(filename + '\x00'), False)
             self.assertIs(self.pathmodule.lexists(bfilename + b'\x00'), False)
 
+        # Keyword arguments are accepted
+        self.assertIs(self.pathmodule.exists(path=filename), True)
+        if self.pathmodule is not genericpath:
+            self.assertIs(self.pathmodule.lexists(path=filename), True)
+
     @unittest.skipUnless(hasattr(os, "pipe"), "requires os.pipe()")
     @unittest.skipIf(is_emscripten, "Emscripten pipe fds have no stat")
     def test_exists_fd(self):
diff --git a/Misc/NEWS.d/next/Library/2024-10-02-21-11-18.gh-issue-124917.Lnwh5b.rst b/Misc/NEWS.d/next/Library/2024-10-02-21-11-18.gh-issue-124917.Lnwh5b.rst
new file mode 100644
index 00000000000000..6218528d2079c3
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2024-10-02-21-11-18.gh-issue-124917.Lnwh5b.rst
@@ -0,0 +1,2 @@
+Allow calling :func:`os.path.exists` and :func:`os.path.lexists` with
+keyword arguments on Windows. Fixes a regression in 3.12.4.
diff --git a/Modules/clinic/posixmodule.c.h b/Modules/clinic/posixmodule.c.h
index f46aa65148da7d..a33461dc5600dd 100644
--- a/Modules/clinic/posixmodule.c.h
+++ b/Modules/clinic/posixmodule.c.h
@@ -1975,25 +1975,55 @@ os__path_splitroot(PyObject *module, PyObject *const *args, Py_ssize_t nargs, Py
 #if defined(MS_WINDOWS)
 
 PyDoc_STRVAR(os__path_exists__doc__,
-"_path_exists($module, path, /)\n"
+"_path_exists($module, /, path)\n"
 "--\n"
 "\n"
 "Test whether a path exists.  Returns False for broken symbolic links.");
 
 #define OS__PATH_EXISTS_METHODDEF    \
-    {"_path_exists", (PyCFunction)os__path_exists, METH_O, os__path_exists__doc__},
+    {"_path_exists", _PyCFunction_CAST(os__path_exists), METH_FASTCALL|METH_KEYWORDS, os__path_exists__doc__},
 
 static int
 os__path_exists_impl(PyObject *module, path_t *path);
 
 static PyObject *
-os__path_exists(PyObject *module, PyObject *arg)
+os__path_exists(PyObject *module, PyObject *const *args, Py_ssize_t nargs, PyObject *kwnames)
 {
     PyObject *return_value = NULL;
+    #if defined(Py_BUILD_CORE) && !defined(Py_BUILD_CORE_MODULE)
+
+    #define NUM_KEYWORDS 1
+    static struct {
+        PyGC_Head _this_is_not_used;
+        PyObject_VAR_HEAD
+        PyObject *ob_item[NUM_KEYWORDS];
+    } _kwtuple = {
+        .ob_base = PyVarObject_HEAD_INIT(&PyTuple_Type, NUM_KEYWORDS)
+        .ob_item = { &_Py_ID(path), },
+    };
+    #undef NUM_KEYWORDS
+    #define KWTUPLE (&_kwtuple.ob_base.ob_base)
+
+    #else  // !Py_BUILD_CORE
+    #  define KWTUPLE NULL
+    #endif  // !Py_BUILD_CORE
+
+    static const char * const _keywords[] = {"path", NULL};
+    static _PyArg_Parser _parser = {
+        .keywords = _keywords,
+        .fname = "_path_exists",
+        .kwtuple = KWTUPLE,
+    };
+    #undef KWTUPLE
+    PyObject *argsbuf[1];
     path_t path = PATH_T_INITIALIZE_P("_path_exists", "path", 0, 0, 1, 1);
     int _return_value;
 
-    if (!path_converter(arg, &path)) {
+    args = _PyArg_UnpackKeywords(args, nargs, NULL, kwnames, &_parser, 1, 1, 0, argsbuf);
+    if (!args) {
+        goto exit;
+    }
+    if (!path_converter(args[0], &path)) {
         goto exit;
     }
     _return_value = os__path_exists_impl(module, &path);
@@ -12002,4 +12032,4 @@ os_waitstatus_to_exitcode(PyObject *module, PyObject *const *args, Py_ssize_t na
 #ifndef OS_WAITSTATUS_TO_EXITCODE_METHODDEF
     #define OS_WAITSTATUS_TO_EXITCODE_METHODDEF
 #endif /* !defined(OS_WAITSTATUS_TO_EXITCODE_METHODDEF) */
-/*[clinic end generated code: output=67c2e3d4537287c1 input=a9049054013a1b77]*/
+/*[clinic end generated code: output=6d34c4564aca7725 input=a9049054013a1b77]*/
diff --git a/Modules/posixmodule.c b/Modules/posixmodule.c
index 2277caee58f505..b8558cc2265a58 100644
--- a/Modules/posixmodule.c
+++ b/Modules/posixmodule.c
@@ -5209,7 +5209,6 @@ _testFileType(path_t *path, int testedType)
 os._path_exists -> bool
 
     path: path_t(allow_fd=True, suppress_value_error=True)
-    /
 
 Test whether a path exists.  Returns False for broken symbolic links.
 
@@ -5217,7 +5216,7 @@ Test whether a path exists.  Returns False for broken symbolic links.
 
 static int
 os__path_exists_impl(PyObject *module, path_t *path)
-/*[clinic end generated code: output=8da13acf666e16ba input=29198507a6082a57]*/
+/*[clinic end generated code: output=8da13acf666e16ba input=142beabfc66783eb]*/
 {
     return _testFileExists(path, TRUE);
 }