diff --git a/base/dict.jl b/base/dict.jl
index 1c176a2eab864..2c99dabe1a199 100644
--- a/base/dict.jl
+++ b/base/dict.jl
@@ -128,7 +128,13 @@ function Dict(kv)
     try
         dict_with_eltype((K, V) -> Dict{K, V}, kv, eltype(kv))
     catch
-        if !isiterable(typeof(kv)) || !all(x->isa(x,Union{Tuple,Pair}),kv)
+        valid_iterator = try
+            isiterable(typeof(kv)) && all(x->isa(x,Union{Tuple,Pair}),kv)
+        catch
+            true  # An exception has occurred during iteration. Rethrow the original error
+        end
+
+        if !valid_iterator
             throw(ArgumentError("Dict(kv): kv needs to be an iterator of tuples or pairs"))
         else
             rethrow()
diff --git a/test/dict.jl b/test/dict.jl
index 534e88ada036c..ba220789ceade 100644
--- a/test/dict.jl
+++ b/test/dict.jl
@@ -162,6 +162,15 @@ end
 
     # issue #39117
     @test Dict(t[1]=>t[2] for t in zip((1,"2"), (2,"2"))) == Dict{Any,Any}(1=>2, "2"=>"2")
+
+    @testset "issue #33147" begin
+        try
+            Dict(i => error("$i") for i in 1:3)
+        catch ex
+            @test ex isa ErrorException
+            @test length(Base.catch_stack()) == 1
+        end
+    end
 end
 
 @testset "type of Dict constructed from varargs of Pairs" begin