diff --git a/checkov/terraform/module_loading/module_finder.py b/checkov/terraform/module_loading/module_finder.py
index 25ee12a81c..93ae207f64 100644
--- a/checkov/terraform/module_loading/module_finder.py
+++ b/checkov/terraform/module_loading/module_finder.py
@@ -60,7 +60,7 @@ def find_modules(path: str, loaded_files_cache: Optional[Dict[str, Any]] = None,
     if parsing_errors is None:
         parsing_errors = {}
 
-    excluded_paths_regex = re.compile('|'.join(f"({excluded_paths})")) if excluded_paths else None
+    excluded_paths_regex = re.compile('|'.join(f"({p})" for p in excluded_paths)) if excluded_paths else None
     for root, _, full_file_names in os.walk(path):
         for file_name in full_file_names:
             if not file_name.endswith(".tf"):
diff --git a/tests/terraform/module_loading/test_tf_module_finder.py b/tests/terraform/module_loading/test_tf_module_finder.py
index 9bfb137ab5..c93d5e3927 100644
--- a/tests/terraform/module_loading/test_tf_module_finder.py
+++ b/tests/terraform/module_loading/test_tf_module_finder.py
@@ -48,6 +48,18 @@ def test_module_finder_nested_blocks(self):
         self.assertEqual(1, len(modules))
         self.assertEqual("3.14.0", modules[0].version)
 
+    def test_module_finder_excluded_paths_multiple_patterns(self):
+        cur_dir = os.path.abspath(os.path.dirname(__file__))
+        src_dir = os.path.join(cur_dir, 'data', 'tf_module_downloader')
+        # public_modules/main.tf defines two modules and
+        # private_registry_modules/main.tf defines one. Excluding
+        # public_modules leaves just the private one.
+        modules = find_modules(
+            src_dir,
+            excluded_paths=['public_modules', 'no_such_dir'],
+        )
+        self.assertEqual(1, len(modules))
+
     def test_downloader(self):
         modules = find_modules(self.get_src_dir())