Plugin unusable with "Reentrant plugin detected"

[JohnAlbin]

When following the README.md's usage instructions to compile native Node.js ES Module code into CommonJS, I get the following error:

Error: [BABEL]: Reentrant plugin detected trying to load "./node_modules/babel-plugin-replace-import-extension/src/index.js". This module is not ignored and is trying to load itself while compiling itself, leading to a dependency cycle.

I tried both options for ESM->CJS (with or without @babel/present-env) and got the same error both times.