diff --git a/docs/changelog/91170.yaml b/docs/changelog/91170.yaml
new file mode 100644
index 0000000000000..80b7786670c72
--- /dev/null
+++ b/docs/changelog/91170.yaml
@@ -0,0 +1,5 @@
+pr: 91170
+summary: Ensure `TermsEnum` action works correctly with API keys
+area: Authorization
+type: bug
+issues: []
diff --git a/x-pack/plugin/core/src/main/java/org/elasticsearch/xpack/core/termsenum/action/TransportTermsEnumAction.java b/x-pack/plugin/core/src/main/java/org/elasticsearch/xpack/core/termsenum/action/TransportTermsEnumAction.java
index f688375b5881e..3b8a18ac0ff92 100644
--- a/x-pack/plugin/core/src/main/java/org/elasticsearch/xpack/core/termsenum/action/TransportTermsEnumAction.java
+++ b/x-pack/plugin/core/src/main/java/org/elasticsearch/xpack/core/termsenum/action/TransportTermsEnumAction.java
@@ -429,28 +429,44 @@ private boolean canAccess(
                     Collections.emptyMap()
                 );
 
-                // Current user has potentially many roles and therefore potentially many queries
-                // defining sets of docs accessible
-                Set<BytesReference> queries = indexAccessControl.getDocumentPermissions().getQueries();
-                for (BytesReference querySource : queries) {
-                    QueryBuilder queryBuilder = DLSRoleQueryValidator.evaluateAndVerifyRoleQuery(
-                        querySource,
-                        scriptService,
-                        queryShardContext.getParserConfig().registry(),
-                        securityContext.getUser()
+                // Unfiltered access is allowed when both base role and limiting role allow it.
+                return hasMatchAllEquivalent(indexAccessControl.getDocumentPermissions().getQueries(), securityContext, queryShardContext)
+                    && hasMatchAllEquivalent(
+                        indexAccessControl.getDocumentPermissions().getLimitedByQueries(),
+                        securityContext,
+                        queryShardContext
                     );
-                    QueryBuilder rewrittenQueryBuilder = Rewriteable.rewrite(queryBuilder, queryShardContext);
-                    if (rewrittenQueryBuilder instanceof MatchAllQueryBuilder) {
-                        // One of the roles assigned has "all" permissions - allow unfettered access to termsDict
-                        return true;
-                    }
-                }
-                return false;
             }
         }
         return true;
     }
 
+    private boolean hasMatchAllEquivalent(
+        Set<BytesReference> queries,
+        SecurityContext securityContext,
+        SearchExecutionContext queryShardContext
+    ) throws IOException {
+        if (queries == null) {
+            return true;
+        }
+        // Current user has potentially many roles and therefore potentially many queries
+        // defining sets of docs accessible
+        for (BytesReference querySource : queries) {
+            QueryBuilder queryBuilder = DLSRoleQueryValidator.evaluateAndVerifyRoleQuery(
+                querySource,
+                scriptService,
+                queryShardContext.getParserConfig().registry(),
+                securityContext.getUser()
+            );
+            QueryBuilder rewrittenQueryBuilder = Rewriteable.rewrite(queryBuilder, queryShardContext);
+            if (rewrittenQueryBuilder instanceof MatchAllQueryBuilder) {
+                // One of the roles assigned has "all" permissions - allow unfettered access to termsDict
+                return true;
+            }
+        }
+        return false;
+    }
+
     private boolean canMatchShard(ShardId shardId, NodeTermsEnumRequest req) throws IOException {
         if (req.indexFilter() == null || req.indexFilter() instanceof MatchAllQueryBuilder) {
             return true;
diff --git a/x-pack/plugin/src/yamlRestTest/resources/rest-api-spec/test/terms_enum/10_basic.yml b/x-pack/plugin/src/yamlRestTest/resources/rest-api-spec/test/terms_enum/10_basic.yml
index d18af7f10f2a4..359e14b935f82 100644
--- a/x-pack/plugin/src/yamlRestTest/resources/rest-api-spec/test/terms_enum/10_basic.yml
+++ b/x-pack/plugin/src/yamlRestTest/resources/rest-api-spec/test/terms_enum/10_basic.yml
@@ -33,6 +33,7 @@ setup:
         name: "dls_all_role"
         body:  >
             {
+              "cluster": [ "manage_own_api_key" ],
               "indices": [
                 { "names": ["test_security"], "privileges": ["read"], "query": "{\"term\": {\"ck\": \"const\"}}" }
               ]
@@ -82,6 +83,7 @@ setup:
         name: "dls_some_role"
         body:  >
             {
+              "cluster": [ "manage_own_api_key" ],
               "indices": [
                 { "names": ["test_security"], "privileges": ["read"], "query": "{\"term\": {\"foo\": \"bar_dls\"}}" }
               ]
@@ -560,4 +562,90 @@ teardown:
         body:  {"field": "foo", "string":"b"}
   - length: {terms: 0}
 
+---
+"Test security with API keys":
+
+  - do:
+      headers: { Authorization: "Basic ZGxzX2FsbF91c2VyOngtcGFjay10ZXN0LXBhc3N3b3Jk" } # dls_all_user
+      security.create_api_key:
+        body: >
+          {
+            "name": "dls_all_user_good_key",
+            "role_descriptors": {
+              "role-a": {
+                "index": [
+                  {
+                    "names": ["test_security"],
+                    "privileges": ["read"],
+                    "query": "{\"term\": {\"ck\": \"const\"}}"
+                  }
+                ]
+              }
+            }
+          }
+  - match: { name: "dls_all_user_good_key" }
+  - set: { encoded: login_creds}
+  - do:
+      headers:
+        Authorization: ApiKey ${login_creds}  # dls_all_user good API key sees all documents
+      terms_enum:
+        index: test_security
+        body: { "field": "foo", "string": "b" }
+  - length: { terms: 1 }
 
+  - do:
+      headers: { Authorization: "Basic ZGxzX2FsbF91c2VyOngtcGFjay10ZXN0LXBhc3N3b3Jk" } # dls_all_user
+      security.create_api_key:
+        body: >
+          {
+            "name": "dls_all_user_bad_key",
+            "role_descriptors": {
+              "role-a": {
+                "index": [
+                  {
+                    "names": ["test_security"],
+                    "privileges": ["read"],
+                    "query": "{\"term\": {\"foo\": \"bar_dls\"}}"
+                  }
+                ]
+              }
+            }
+          }
+  - match: { name: "dls_all_user_bad_key" }
+  - set: { encoded: login_creds}
+  - do:
+      headers:
+        Authorization: ApiKey ${login_creds}  # dls_all_user bad API key sees selected docs
+      terms_enum:
+        index: test_security
+        body: { "field": "foo", "string": "b" }
+  - length: { terms: 0 }
+
+  - do:
+      headers: { Authorization: "Basic ZGxzX3NvbWVfdXNlcjp4LXBhY2stdGVzdC1wYXNzd29yZA==" } # dls_some_user
+      # Create an API key with all DLS permissions, but it is still bounded by the owner user's permissions
+      security.create_api_key:
+        body: >
+          {
+            "name": "dls_some_user_key",
+            "role_descriptors": {
+              "role-a": {
+                "index": [
+                  {
+                    "names": ["test_security"],
+                    "privileges": ["read"],
+                    "query": "{\"term\": {\"ck\": \"const\"}}"
+                  }
+                ]
+              }
+            }
+          }
+  - match: { name: "dls_some_user_key" }
+  - set: { encoded: login_creds}
+  - do:
+      headers:
+        Authorization: ApiKey ${login_creds}  # dls_some_user's API key sees selected user regardless of the key's role descriptor
+      terms_enum:
+        index: test_security
+        body: { "field": "foo", "string": "b" }
+  - length: { terms: 0 }