diff --git a/Cargo.lock b/Cargo.lock
index 181e24440cc4b..538b66fb8413f 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -3682,9 +3682,9 @@ dependencies = [
 
 [[package]]
 name = "lgalloc"
-version = "0.3.1"
+version = "0.4.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "2879fd18080c6076399d8ace2fafaedf994e47bdd6b75462266077f7926b6374"
+checksum = "194eb6220fcd2399f0342d2e8e24b8d41e22e037b2f34b1d4cf7cfba228f8cc6"
 dependencies = [
  "crossbeam-deque",
  "libc",
diff --git a/misc/cargo-vet/config.toml b/misc/cargo-vet/config.toml
index 9a8e5333adc5e..297c174ed0823 100644
--- a/misc/cargo-vet/config.toml
+++ b/misc/cargo-vet/config.toml
@@ -572,7 +572,7 @@ version = "1.3.0"
 criteria = "safe-to-deploy"
 
 [[exemptions.lgalloc]]
-version = "0.3.1"
+version = "0.4.0"
 criteria = "safe-to-deploy"
 
 [[exemptions.libc]]
diff --git a/src/compute/Cargo.toml b/src/compute/Cargo.toml
index 53d431bbc27ad..ca48a29ae4083 100644
--- a/src/compute/Cargo.toml
+++ b/src/compute/Cargo.toml
@@ -21,7 +21,7 @@ differential-dataflow = "0.13.1"
 differential-dogs3 = "0.1.1"
 futures = "0.3.25"
 itertools = "0.10.5"
-lgalloc = "0.3"
+lgalloc = "0.4"
 mz-build-info = { path = "../build-info" }
 mz-cluster = { path = "../cluster" }
 mz-cluster-client = { path = "../cluster-client" }
diff --git a/src/metrics/Cargo.toml b/src/metrics/Cargo.toml
index b136e6b41daf4..5668e14b11d0b 100644
--- a/src/metrics/Cargo.toml
+++ b/src/metrics/Cargo.toml
@@ -10,7 +10,7 @@ publish = false
 workspace = true
 
 [dependencies]
-lgalloc = "0.3"
+lgalloc = "0.4"
 libc = "0.2.138"
 mz-ore = { path = "../ore", features = ["metrics"] }
 paste = "1.0"
diff --git a/src/metrics/src/lgalloc.rs b/src/metrics/src/lgalloc.rs
index 4eb461ba0367d..33035a2624780 100644
--- a/src/metrics/src/lgalloc.rs
+++ b/src/metrics/src/lgalloc.rs
@@ -57,7 +57,6 @@ macro_rules! metrics_size_class {
     ) => {
         paste! {
             struct LgMetrics {
-                stats: lgalloc::LgAllocStats,
                 size_class: BTreeMap<usize, LgMetricsSC>,
                 $($metric: raw::UIntGaugeVec,)*
                 $($f_metric: raw::UIntGaugeVec,)*
@@ -70,7 +69,6 @@ macro_rules! metrics_size_class {
                 fn new(registry: &MetricsRegistry) -> Self {
                     Self {
                         size_class: BTreeMap::default(),
-                        stats: lgalloc::LgAllocStats::default(),
                         $($metric: registry.register(mz_ore::metric!(
                             name: concat!(stringify!($namespace), "_", stringify!($metric)),
                             help: $desc,
@@ -93,22 +91,25 @@ macro_rules! metrics_size_class {
                     })
                 }
                 fn update(&mut self) {
-                    let mut stats = std::mem::take(&mut self.stats);
-                    lgalloc::lgalloc_stats(&mut stats);
+                    let stats = lgalloc::lgalloc_stats();
                     for sc in &stats.size_class {
                         let sc_stats = self.get_size_class(sc.size_class);
                         $(sc_stats.$metric.set(($conv)(u64::cast_from(sc.$name), sc));)*
                     }
                     let mut accums = BTreeMap::new();
-                    for file_stat in &stats.file_stats {
-                        let accum: &mut FileStatsAccum = accums.entry(file_stat.size_class).or_default();
-                        accum.add_assign(file_stat);
+                    match &stats.file_stats {
+                        Ok(file_stats) => {
+                            for file_stat in file_stats {
+                                let accum: &mut FileStatsAccum = accums.entry(file_stat.size_class).or_default();
+                                accum.add_assign(file_stat);
+                            }
+                        }
+                        Err(err) => eprintln!("Failed to get file stats: {err}"),
                     }
                     for (size_class, accum) in accums {
                         let sc_stats = self.get_size_class(size_class);
                         $(sc_stats.$f_metric.set(u64::cast_from(accum.$f_name));)*
                     }
-                    self.stats = stats;
                 }
             }
         }
diff --git a/src/ore/Cargo.toml b/src/ore/Cargo.toml
index ec74b4ff7e527..892047234fd4f 100644
--- a/src/ore/Cargo.toml
+++ b/src/ore/Cargo.toml
@@ -32,7 +32,7 @@ flatcontainer = { version = "0.5.0", optional = true }
 futures = { version = "0.3.25", optional = true }
 hibitset = { version = "0.6.4", optional = true }
 itertools = "0.10.5"
-lgalloc = { version = "0.3", optional = true }
+lgalloc = { version = "0.4", optional = true }
 libc = { version = "0.2.138", optional = true }
 mz-ore-proc = { path = "../ore-proc", default-features = false }
 num = "0.4.0"
diff --git a/src/timely-util/Cargo.toml b/src/timely-util/Cargo.toml
index 56dd1a93e6284..e022e815da632 100644
--- a/src/timely-util/Cargo.toml
+++ b/src/timely-util/Cargo.toml
@@ -15,7 +15,7 @@ columnation = "0.1.0"
 differential-dataflow = "0.13.1"
 either = "1"
 futures-util = "0.3.25"
-lgalloc = "0.3"
+lgalloc = "0.4"
 mz-ore = { path = "../ore", features = ["async", "process", "tracing_", "test"] }
 num-traits = "0.2"
 proptest = { version = "1.0.0", default-features = false, features = ["std"] }