diff --git a/src/cmd/compile/internal/ir/expr.go b/src/cmd/compile/internal/ir/expr.go
index f526d987a7b..41de6bd61b2 100644
--- a/src/cmd/compile/internal/ir/expr.go
+++ b/src/cmd/compile/internal/ir/expr.go
@@ -570,10 +570,11 @@ func (*SelectorExpr) CanBeNtype() {}
 // A SliceExpr is a slice expression X[Low:High] or X[Low:High:Max].
 type SliceExpr struct {
 	miniExpr
-	X    Node
-	Low  Node
-	High Node
-	Max  Node
+	X            Node
+	Low          Node
+	High         Node
+	Max          Node
+	CheckPtrCall *CallExpr
 }
 
 func NewSliceExpr(pos src.XPos, op Op, x, low, high, max Node) *SliceExpr {
diff --git a/src/cmd/compile/internal/ssagen/ssa.go b/src/cmd/compile/internal/ssagen/ssa.go
index 39d3b206ac6..0a48f6b7042 100644
--- a/src/cmd/compile/internal/ssagen/ssa.go
+++ b/src/cmd/compile/internal/ssagen/ssa.go
@@ -3090,6 +3090,9 @@ func (s *state) expr(n ir.Node) *ssa.Value {
 			k = s.expr(n.Max)
 		}
 		p, l, c := s.slice(v, i, j, k, n.Bounded())
+		if n.CheckPtrCall != nil {
+			s.stmt(n.CheckPtrCall)
+		}
 		return s.newValue3(ssa.OpSliceMake, n.Type(), p, l, c)
 
 	case ir.OSLICESTR:
diff --git a/src/cmd/compile/internal/walk/convert.go b/src/cmd/compile/internal/walk/convert.go
index 27a07ce4b60..f724ca7cae9 100644
--- a/src/cmd/compile/internal/walk/convert.go
+++ b/src/cmd/compile/internal/walk/convert.go
@@ -413,11 +413,15 @@ func byteindex(n ir.Node) ir.Node {
 	return n
 }
 
-func walkCheckPtrAlignment(n *ir.ConvExpr, init *ir.Nodes, count ir.Node) ir.Node {
+func walkCheckPtrAlignment(n *ir.ConvExpr, init *ir.Nodes, se *ir.SliceExpr) ir.Node {
 	if !n.Type().IsPtr() {
 		base.Fatalf("expected pointer type: %v", n.Type())
 	}
 	elem := n.Type().Elem()
+	var count ir.Node
+	if se != nil {
+		count = se.Max
+	}
 	if count != nil {
 		if !elem.IsArray() {
 			base.Fatalf("expected array type: %v", elem)
@@ -435,7 +439,12 @@ func walkCheckPtrAlignment(n *ir.ConvExpr, init *ir.Nodes, count ir.Node) ir.Nod
 	}
 
 	n.X = cheapExpr(n.X, init)
-	init.Append(mkcall("checkptrAlignment", nil, init, typecheck.ConvNop(n.X, types.Types[types.TUNSAFEPTR]), reflectdata.TypePtr(elem), typecheck.Conv(count, types.Types[types.TUINTPTR])))
+	checkPtrCall := mkcall("checkptrAlignment", nil, init, typecheck.ConvNop(n.X, types.Types[types.TUNSAFEPTR]), reflectdata.TypePtr(elem), typecheck.Conv(count, types.Types[types.TUINTPTR]))
+	if se != nil {
+		se.CheckPtrCall = checkPtrCall
+	} else {
+		init.Append(checkPtrCall)
+	}
 	return n
 }
 
diff --git a/src/cmd/compile/internal/walk/expr.go b/src/cmd/compile/internal/walk/expr.go
index 26e225440a7..c04998137b4 100644
--- a/src/cmd/compile/internal/walk/expr.go
+++ b/src/cmd/compile/internal/walk/expr.go
@@ -824,7 +824,7 @@ func walkSlice(n *ir.SliceExpr, init *ir.Nodes) ir.Node {
 	n.High = walkExpr(n.High, init)
 	n.Max = walkExpr(n.Max, init)
 	if checkSlice {
-		n.X = walkCheckPtrAlignment(n.X.(*ir.ConvExpr), init, n.Max)
+		n.X = walkCheckPtrAlignment(n.X.(*ir.ConvExpr), init, n)
 	}
 
 	if n.Op().IsSlice3() {
diff --git a/test/fixedbugs/issue46938.go b/test/fixedbugs/issue46938.go
new file mode 100644
index 00000000000..87532d47694
--- /dev/null
+++ b/test/fixedbugs/issue46938.go
@@ -0,0 +1,29 @@
+// run -gcflags="-d=checkptr"
+
+// Copyright 2021 The Go Authors. All rights reserved.
+// Use of this source code is governed by a BSD-style
+// license that can be found in the LICENSE file.
+
+package main
+
+import (
+	"strings"
+	"unsafe"
+)
+
+func main() {
+	defer func() {
+		err := recover()
+		if err == nil {
+			panic("expected panic")
+		}
+		if got := err.(error).Error(); !strings.Contains(got, "slice bounds out of range") {
+			panic("expected panic slice out of bound, got " + got)
+		}
+	}()
+	s := make([]int64, 100)
+	p := unsafe.Pointer(&s[0])
+	n := 1000
+
+	_ = (*[10]int64)(p)[:n:n]
+}