diff --git a/changelog.d/11561.feature b/changelog.d/11561.feature
new file mode 100644
index 000000000..19dada883
--- /dev/null
+++ b/changelog.d/11561.feature
@@ -0,0 +1 @@
+Add `track_puppeted_user_ips` config flag to track puppeted user IP addresses. This also includes them in monthly active user counts.
diff --git a/docs/sample_config.yaml b/docs/sample_config.yaml
index 810a14b07..26894fae3 100644
--- a/docs/sample_config.yaml
+++ b/docs/sample_config.yaml
@@ -1503,6 +1503,12 @@ room_prejoin_state:
    #additional_event_types:
    #  - org.example.custom.event.type
 
+# If enabled, puppeted user IP's can also be tracked. By default when
+# puppeting another user, the user who has created the access token
+# for puppeting is tracked. If this is enabled, both requests are tracked.
+# Implicitly enables MAU tracking for puppeted users.
+#track_puppeted_user_ips: false
+
 
 # A list of application service config files to use
 #
diff --git a/synapse/api/auth.py b/synapse/api/auth.py
index 4a32d430b..683241201 100644
--- a/synapse/api/auth.py
+++ b/synapse/api/auth.py
@@ -71,6 +71,7 @@ class Auth:
         self._auth_blocking = AuthBlocking(self.hs)
 
         self._track_appservice_user_ips = hs.config.appservice.track_appservice_user_ips
+        self._track_puppeted_user_ips = hs.config.api.track_puppeted_user_ips
         self._macaroon_secret_key = hs.config.key.macaroon_secret_key
         self._force_tracing_for_users = hs.config.tracing.force_tracing_for_users
 
@@ -246,6 +247,18 @@ class Auth:
                     user_agent=user_agent,
                     device_id=device_id,
                 )
+                # Track also the puppeted user client IP if enabled and the user is puppeting
+                if (
+                    user_info.user_id != user_info.token_owner
+                    and self._track_puppeted_user_ips
+                ):
+                    await self.store.insert_client_ip(
+                        user_id=user_info.user_id,
+                        access_token=access_token,
+                        ip=ip_addr,
+                        user_agent=user_agent,
+                        device_id=device_id,
+                    )
 
             if is_guest and not allow_guest:
                 raise AuthError(
diff --git a/synapse/config/api.py b/synapse/config/api.py
index 25538b82d..bdbe9f0fa 100644
--- a/synapse/config/api.py
+++ b/synapse/config/api.py
@@ -29,6 +29,7 @@ class ApiConfig(Config):
     def read_config(self, config: JsonDict, **kwargs):
         validate_config(_MAIN_SCHEMA, config, ())
         self.room_prejoin_state = list(self._get_prejoin_state_types(config))
+        self.track_puppeted_user_ips = config.get("track_puppeted_user_ips", False)
 
     def generate_config_section(cls, **kwargs) -> str:
         formatted_default_state_types = "\n".join(
@@ -59,6 +60,12 @@ class ApiConfig(Config):
            #
            #additional_event_types:
            #  - org.example.custom.event.type
+
+        # If enabled, puppeted user IP's can also be tracked. By default when
+        # puppeting another user, the user who has created the access token
+        # for puppeting is tracked. If this is enabled, both requests are tracked.
+        # Implicitly enables MAU tracking for puppeted users.
+        #track_puppeted_user_ips: false
         """ % {
             "formatted_default_state_types": formatted_default_state_types
         }
@@ -138,5 +145,8 @@ _MAIN_SCHEMA = {
     "properties": {
         "room_prejoin_state": _ROOM_PREJOIN_STATE_CONFIG_SCHEMA,
         "room_invite_state_types": _ROOM_INVITE_STATE_TYPES_SCHEMA,
+        "track_puppeted_user_ips": {
+            "type": "boolean",
+        },
     },
 }
diff --git a/tests/api/test_auth.py b/tests/api/test_auth.py
index a2dfa1ed0..4b53b6d40 100644
--- a/tests/api/test_auth.py
+++ b/tests/api/test_auth.py
@@ -274,6 +274,39 @@ class AuthTestCase(unittest.HomeserverTestCase):
         self.assertEquals(failure.value.code, 400)
         self.assertEquals(failure.value.errcode, Codes.EXCLUSIVE)
 
+    def test_get_user_by_req__puppeted_token__not_tracking_puppeted_mau(self):
+        self.store.get_user_by_access_token = simple_async_mock(
+            TokenLookupResult(
+                user_id="@baldrick:matrix.org",
+                device_id="device",
+                token_owner="@admin:matrix.org",
+            )
+        )
+        self.store.insert_client_ip = simple_async_mock(None)
+        request = Mock(args={})
+        request.getClientIP.return_value = "127.0.0.1"
+        request.args[b"access_token"] = [self.test_token]
+        request.requestHeaders.getRawHeaders = mock_getRawHeaders()
+        self.get_success(self.auth.get_user_by_req(request))
+        self.store.insert_client_ip.assert_called_once()
+
+    def test_get_user_by_req__puppeted_token__tracking_puppeted_mau(self):
+        self.auth._track_puppeted_user_ips = True
+        self.store.get_user_by_access_token = simple_async_mock(
+            TokenLookupResult(
+                user_id="@baldrick:matrix.org",
+                device_id="device",
+                token_owner="@admin:matrix.org",
+            )
+        )
+        self.store.insert_client_ip = simple_async_mock(None)
+        request = Mock(args={})
+        request.getClientIP.return_value = "127.0.0.1"
+        request.args[b"access_token"] = [self.test_token]
+        request.requestHeaders.getRawHeaders = mock_getRawHeaders()
+        self.get_success(self.auth.get_user_by_req(request))
+        self.assertEquals(self.store.insert_client_ip.call_count, 2)
+
     def test_get_user_from_macaroon(self):
         self.store.get_user_by_access_token = simple_async_mock(
             TokenLookupResult(user_id="@baldrick:matrix.org", device_id="device")