diff --git a/.yarnrc b/.yarnrc
index c7befdb5fa178..1614ee06ded12 100644
--- a/.yarnrc
+++ b/.yarnrc
@@ -1,5 +1,5 @@
 disturl "https://electronjs.org/headers"
-target "27.1.3"
-ms_build_id "25612240"
+target "27.2.1"
+ms_build_id "26149897"
 runtime "electron"
 build_from_source "true"
diff --git a/build/checksums/electron.txt b/build/checksums/electron.txt
index 4726faa51f4fc..d5d99bdf9241f 100644
--- a/build/checksums/electron.txt
+++ b/build/checksums/electron.txt
@@ -1,75 +1,75 @@
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+74841b03157199f2439d2182cf4da66dfdc4014d4e2d76a043055b4dc5d33a9b *ffmpeg-v27.2.1-win32-x64.zip
+7f15f0f64083f093a98f9dc002d6256a3a56cc7d720cd861d820a7223d46be83 *hunspell_dictionaries.zip
+6cc8cbde27c4e0ed7689f87a4c444aa50a1bee9bfec35289e26e9854864c1d69 *libcxx-objects-v27.2.1-linux-arm64.zip
+ce935631fa896af9d34e8ed01a431c7f4b289d9cc872cede5bfd9e4663ac4d6e *libcxx-objects-v27.2.1-linux-armv7l.zip
+979a65ea5cd9c8c44e6d9760c2cb79bec0914396b68be9270b52d09c1b1a72ee *libcxx-objects-v27.2.1-linux-x64.zip
+86f961adc7015bbf8762453bc5148d381ff7c7c4580ceed9189c93fd01139fcf *libcxx_headers.zip
+acb2c0d967dc14fe63784c79c58648193348252efb25a691b61d3c19142d67e9 *libcxxabi_headers.zip
+07bc91f769fb7320bfb331d7e40d963e787960dec0f404b165c7df9ef49f531b *mksnapshot-v27.2.1-darwin-arm64.zip
+c9127c412b6f10a706c406865a72119abf34692efd19e58231dec631af91f3c5 *mksnapshot-v27.2.1-darwin-x64.zip
+d52e6deec09571b4618dab3ee1c615f2996d3d52e97f0df4c8a7ecddc443d847 *mksnapshot-v27.2.1-linux-arm64-x64.zip
+23aa985b9d4431d9a92eefe8f635bcd54a50a1b02d008d9883dce1ca90670d9b *mksnapshot-v27.2.1-linux-armv7l-x64.zip
+9aac8616fcfaeda69945742f4fe99309cabfcc355f5a6edae5ac6bdb5de78552 *mksnapshot-v27.2.1-linux-x64.zip
+f53004a849ea0d5e19569f48561fc79b95015c3395405ef28800fa34e5a6b37c *mksnapshot-v27.2.1-mas-arm64.zip
+8b7458854d6e3339220623a53927eeaac2d97e02133172f2615ee976e32a1337 *mksnapshot-v27.2.1-mas-x64.zip
+5314c938447f1f24aee9007719d8d65ef4f68a3fac0e103897bc53f26685ed6a *mksnapshot-v27.2.1-win32-arm64-x64.zip
+fbae6d4323d20af0a7c5d5c044e9927b6f8396e0d9c8a45c1f6945ce32250715 *mksnapshot-v27.2.1-win32-ia32.zip
+08556f224fcb5dee0928dce8beda23f058258cc85e85da3fe651bf0e84469f5d *mksnapshot-v27.2.1-win32-x64.zip
diff --git a/cgmanifest.json b/cgmanifest.json
index 505453b1a6d65..139424f261334 100644
--- a/cgmanifest.json
+++ b/cgmanifest.json
@@ -528,12 +528,12 @@
 				"git": {
 					"name": "electron",
 					"repositoryUrl": "https://github.com/electron/electron",
-					"commitHash": "d449c890159beae4d5176138dc65ab22d37e0fee"
+					"commitHash": "8471e4750734ea33a85720ce20bca0d8d9d56985"
 				}
 			},
 			"isOnlyProductionDependency": true,
 			"license": "MIT",
-			"version": "27.1.3"
+			"version": "27.2.1"
 		},
 		{
 			"component": {
diff --git a/extensions/git/src/askpass.ts b/extensions/git/src/askpass.ts
index 6b27d87618535..5d99534d55afb 100644
--- a/extensions/git/src/askpass.ts
+++ b/extensions/git/src/askpass.ts
@@ -30,7 +30,7 @@ export class Askpass implements IIPCHandler, ITerminalEnvironmentProvider {
 			GIT_ASKPASS: path.join(__dirname, this.ipc ? 'askpass.sh' : 'askpass-empty.sh'),
 			// VSCODE_GIT_ASKPASS
 			VSCODE_GIT_ASKPASS_NODE: process.execPath,
-			VSCODE_GIT_ASKPASS_EXTRA_ARGS: (process.versions['electron'] && process.versions['microsoft-build']) ? '--ms-enable-electron-run-as-node' : '',
+			VSCODE_GIT_ASKPASS_EXTRA_ARGS: '',
 			VSCODE_GIT_ASKPASS_MAIN: path.join(__dirname, 'askpass-main.js'),
 		};
 
diff --git a/extensions/git/src/gitEditor.ts b/extensions/git/src/gitEditor.ts
index f43e6f682096a..f5701642084a3 100644
--- a/extensions/git/src/gitEditor.ts
+++ b/extensions/git/src/gitEditor.ts
@@ -27,7 +27,7 @@ export class GitEditor implements IIPCHandler, ITerminalEnvironmentProvider {
 		this.env = {
 			GIT_EDITOR: `"${path.join(__dirname, ipc ? 'git-editor.sh' : 'git-editor-empty.sh')}"`,
 			VSCODE_GIT_EDITOR_NODE: process.execPath,
-			VSCODE_GIT_EDITOR_EXTRA_ARGS: (process.versions['electron'] && process.versions['microsoft-build']) ? '--ms-enable-electron-run-as-node' : '',
+			VSCODE_GIT_EDITOR_EXTRA_ARGS: '',
 			VSCODE_GIT_EDITOR_MAIN: path.join(__dirname, 'git-editor-main.js')
 		};
 	}
diff --git a/package.json b/package.json
index 6b19116b08484..59ecb4c4c678d 100644
--- a/package.json
+++ b/package.json
@@ -1,7 +1,7 @@
 {
   "name": "code-oss-dev",
   "version": "1.86.0",
-  "distro": "9d1271fd1c2cf545a209fb8aaf409f75da726c4c",
+  "distro": "4665912689c3b96279fd50cc65117ab6969e7132",
   "author": {
     "name": "Microsoft Corporation"
   },
@@ -150,7 +150,7 @@
     "cssnano": "^4.1.11",
     "debounce": "^1.0.0",
     "deemon": "^1.8.0",
-    "electron": "27.1.3",
+    "electron": "27.2.1",
     "eslint": "8.36.0",
     "eslint-plugin-header": "3.1.1",
     "eslint-plugin-jsdoc": "^46.5.0",
diff --git a/resources/darwin/bin/code.sh b/resources/darwin/bin/code.sh
index 8c05872707185..1d66515c2c73b 100755
--- a/resources/darwin/bin/code.sh
+++ b/resources/darwin/bin/code.sh
@@ -31,5 +31,5 @@ fi
 CONTENTS="$APP_PATH/Contents"
 ELECTRON="$CONTENTS/MacOS/Electron"
 CLI="$CONTENTS/Resources/app/out/cli.js"
-ELECTRON_RUN_AS_NODE=1 "$ELECTRON" "$CLI" --ms-enable-electron-run-as-node "$@"
+ELECTRON_RUN_AS_NODE=1 "$ELECTRON" "$CLI" "$@"
 exit $?
diff --git a/resources/linux/bin/code.sh b/resources/linux/bin/code.sh
index eb48bf8fcfc3c..4f11f5b82e00b 100755
--- a/resources/linux/bin/code.sh
+++ b/resources/linux/bin/code.sh
@@ -59,5 +59,5 @@ fi
 
 ELECTRON="$VSCODE_PATH/@@APPNAME@@"
 CLI="$VSCODE_PATH/resources/app/out/cli.js"
-ELECTRON_RUN_AS_NODE=1 "$ELECTRON" "$CLI" --ms-enable-electron-run-as-node "$@"
+ELECTRON_RUN_AS_NODE=1 "$ELECTRON" "$CLI" "$@"
 exit $?
diff --git a/resources/win32/bin/code.cmd b/resources/win32/bin/code.cmd
index c72e9e2833346..9da8ab4f7b819 100644
--- a/resources/win32/bin/code.cmd
+++ b/resources/win32/bin/code.cmd
@@ -2,5 +2,5 @@
 setlocal
 set VSCODE_DEV=
 set ELECTRON_RUN_AS_NODE=1
-"%~dp0..\@@NAME@@.exe" "%~dp0..\resources\app\out\cli.js" --ms-enable-electron-run-as-node %*
+"%~dp0..\@@NAME@@.exe" "%~dp0..\resources\app\out\cli.js" %*
 endlocal
diff --git a/resources/win32/bin/code.sh b/resources/win32/bin/code.sh
index a56c068f4ac97..bcf31892c2345 100644
--- a/resources/win32/bin/code.sh
+++ b/resources/win32/bin/code.sh
@@ -43,7 +43,7 @@ if [ $IN_WSL = true ]; then
 	# use the Remote WSL extension if installed
 	WSL_EXT_ID="ms-vscode-remote.remote-wsl"
 
-	ELECTRON_RUN_AS_NODE=1 "$ELECTRON" "$CLI" --ms-enable-electron-run-as-node --locate-extension $WSL_EXT_ID >/tmp/remote-wsl-loc.txt 2>/dev/null </dev/null
+	ELECTRON_RUN_AS_NODE=1 "$ELECTRON" "$CLI" --locate-extension $WSL_EXT_ID >/tmp/remote-wsl-loc.txt 2>/dev/null </dev/null
 	WSL_EXT_WLOC=$(cat /tmp/remote-wsl-loc.txt)
 
 	if [ -n "$WSL_EXT_WLOC" ]; then
@@ -58,5 +58,5 @@ elif [ -x "$(command -v cygpath)" ]; then
 else
 	CLI="$VSCODE_PATH/resources/app/out/cli.js"
 fi
-ELECTRON_RUN_AS_NODE=1 "$ELECTRON" "$CLI" --ms-enable-electron-run-as-node "$@"
+ELECTRON_RUN_AS_NODE=1 "$ELECTRON" "$CLI" "$@"
 exit $?
diff --git a/scripts/code-cli.bat b/scripts/code-cli.bat
index 2b3c9db3ca3bd..c2eae24d4d96a 100644
--- a/scripts/code-cli.bat
+++ b/scripts/code-cli.bat
@@ -24,7 +24,7 @@ set ELECTRON_ENABLE_LOGGING=1
 set ELECTRON_ENABLE_STACK_DUMPING=1
 
 :: Launch Code
-%CODE% --inspect=5874 out\cli.js --ms-enable-electron-run-as-node %~dp0.. %*
+%CODE% --inspect=5874 out\cli.js %~dp0.. %*
 goto end
 
 :builtin
diff --git a/scripts/code-cli.sh b/scripts/code-cli.sh
index cdf75ff785c58..a792c08532ee6 100755
--- a/scripts/code-cli.sh
+++ b/scripts/code-cli.sh
@@ -34,7 +34,7 @@ function code() {
 	VSCODE_DEV=1 \
 	ELECTRON_ENABLE_LOGGING=1 \
 	ELECTRON_ENABLE_STACK_DUMPING=1 \
-	"$CODE" --inspect=5874 "$ROOT/out/cli.js" --ms-enable-electron-run-as-node . "$@"
+	"$CODE" --inspect=5874 "$ROOT/out/cli.js" . "$@"
 }
 
 code "$@"
diff --git a/scripts/code.sh b/scripts/code.sh
index 2b97aa42fa4ea..24929fdf3513e 100755
--- a/scripts/code.sh
+++ b/scripts/code.sh
@@ -58,7 +58,7 @@ function code-wsl()
 		cd $ROOT
 		export WSLENV=ELECTRON_RUN_AS_NODE/w:VSCODE_DEV/w:$WSLENV
 		local WSL_EXT_ID="ms-vscode-remote.remote-wsl"
-		local WSL_EXT_WLOC=$(echo "" | VSCODE_DEV=1 ELECTRON_RUN_AS_NODE=1 "$ROOT/.build/electron/Code - OSS.exe" "out/cli.js" --ms-enable-electron-run-as-node --locate-extension $WSL_EXT_ID)
+		local WSL_EXT_WLOC=$(echo "" | VSCODE_DEV=1 ELECTRON_RUN_AS_NODE=1 "$ROOT/.build/electron/Code - OSS.exe" "out/cli.js" --locate-extension $WSL_EXT_ID)
 		cd $CWD
 		if [ -n "$WSL_EXT_WLOC" ]; then
 			# replace \r\n with \n in WSL_EXT_WLOC
diff --git a/scripts/node-electron.bat b/scripts/node-electron.bat
index c67e2ea607d0c..ee24da09accd6 100644
--- a/scripts/node-electron.bat
+++ b/scripts/node-electron.bat
@@ -10,7 +10,7 @@ set NAMESHORT=%NAMESHORT: "=%
 set NAMESHORT=%NAMESHORT:"=%.exe
 set CODE=".build\electron\%NAMESHORT%"
 
-%CODE% %* --ms-enable-electron-run-as-node
+%CODE% %*
 
 popd
 
diff --git a/scripts/node-electron.sh b/scripts/node-electron.sh
index 2bf50817c94f9..0a822b6c38325 100755
--- a/scripts/node-electron.sh
+++ b/scripts/node-electron.sh
@@ -26,11 +26,9 @@ export VSCODE_DEV=1
 if [[ "$OSTYPE" == "darwin"* ]]; then
 	ulimit -n 4096 ; ELECTRON_RUN_AS_NODE=1 \
 		"$CODE" \
-		"$@" \
-		--ms-enable-electron-run-as-node
+		"$@"
 else
 	ELECTRON_RUN_AS_NODE=1 \
 		"$CODE" \
-		"$@" \
-		--ms-enable-electron-run-as-node
+		"$@"
 fi
diff --git a/src/main.js b/src/main.js
index 17507dc73da46..de5c7dfbcb819 100644
--- a/src/main.js
+++ b/src/main.js
@@ -97,11 +97,11 @@ if (portable && portable.isPortable) {
 protocol.registerSchemesAsPrivileged([
 	{
 		scheme: 'vscode-webview',
-		privileges: { standard: true, secure: true, supportFetchAPI: true, corsEnabled: true, allowServiceWorkers: true, }
+		privileges: { standard: true, secure: true, supportFetchAPI: true, corsEnabled: true, allowServiceWorkers: true, codeCache: true }
 	},
 	{
 		scheme: 'vscode-file',
-		privileges: { secure: true, standard: true, supportFetchAPI: true, corsEnabled: true }
+		privileges: { secure: true, standard: true, supportFetchAPI: true, corsEnabled: true, codeCache: true }
 	}
 ]);
 
diff --git a/src/vs/base/node/ps.ts b/src/vs/base/node/ps.ts
index f61af2b8117ac..89c2df71e866c 100644
--- a/src/vs/base/node/ps.ts
+++ b/src/vs/base/node/ps.ts
@@ -49,7 +49,6 @@ export function listProcesses(rootPid: number): Promise<ProcessItem> {
 		function findName(cmd: string): string {
 
 			const UTILITY_NETWORK_HINT = /--utility-sub-type=network/i;
-			const NODEJS_PROCESS_HINT = /--ms-enable-electron-run-as-node/i;
 			const WINDOWS_CRASH_REPORTER = /--crashes-directory/i;
 			const WINPTY = /\\pipe\\winpty-control/i;
 			const CONPTY = /conhost\.exe.+--headless/i;
@@ -103,11 +102,6 @@ export function listProcesses(rootPid: number): Promise<ProcessItem> {
 				}
 			}
 
-			// find Electron node.js processes
-			if (NODEJS_PROCESS_HINT.exec(cmd)) {
-				return `electron-nodejs (${cmd})`;
-			}
-
 			return cmd;
 		}
 
diff --git a/src/vs/platform/environment/common/argv.ts b/src/vs/platform/environment/common/argv.ts
index 0ec11b21b516a..7acd17b994aa6 100644
--- a/src/vs/platform/environment/common/argv.ts
+++ b/src/vs/platform/environment/common/argv.ts
@@ -139,7 +139,4 @@ export interface NativeParsedArgs {
 	'log-net-log'?: string;
 	'vmodule'?: string;
 	'disable-dev-shm-usage'?: boolean;
-
-	// MS Build command line arg
-	'ms-enable-electron-run-as-node'?: boolean;
 }
diff --git a/src/vs/platform/environment/node/argv.ts b/src/vs/platform/environment/node/argv.ts
index 60016db3d2c80..3bb02bcc7f1de 100644
--- a/src/vs/platform/environment/node/argv.ts
+++ b/src/vs/platform/environment/node/argv.ts
@@ -123,7 +123,6 @@ export const OPTIONS: OptionDescriptions<Required<NativeParsedArgs>> = {
 	'disable-gpu': { type: 'boolean', cat: 't', description: localize('disableGPU', "Disable GPU hardware acceleration.") },
 	'disable-chromium-sandbox': { type: 'boolean', cat: 't', description: localize('disableChromiumSandbox', "Use this option only when there is requirement to launch the application as sudo user on Linux or when running as an elevated user in an applocker environment on Windows.") },
 	'sandbox': { type: 'boolean' },
-	'ms-enable-electron-run-as-node': { type: 'boolean', global: true },
 	'telemetry': { type: 'boolean', cat: 't', description: localize('telemetry', "Shows all telemetry events which VS code collects.") },
 
 	'remote': { type: 'string', allowEmptyValue: true },
diff --git a/src/vs/platform/shell/node/shellEnv.ts b/src/vs/platform/shell/node/shellEnv.ts
index 7c033e073bf6c..b956c37aa2a0e 100644
--- a/src/vs/platform/shell/node/shellEnv.ts
+++ b/src/vs/platform/shell/node/shellEnv.ts
@@ -128,7 +128,7 @@ async function doResolveUnixShellEnv(logService: ILogService, token: Cancellatio
 		// handle popular non-POSIX shells
 		const name = basename(systemShellUnix);
 		let command: string, shellArgs: Array<string>;
-		const extraArgs = (process.versions['electron'] && process.versions['microsoft-build']) ? '--ms-enable-electron-run-as-node' : '';
+		const extraArgs = '';
 		if (/^pwsh(-preview)?$/.test(name)) {
 			// Older versions of PowerShell removes double quotes sometimes so we use "double single quotes" which is how
 			// you escape single quotes inside of a single quoted string.
diff --git a/src/vs/server/node/server.cli.ts b/src/vs/server/node/server.cli.ts
index 22e77753062d9..6695c4b5a84cc 100644
--- a/src/vs/server/node/server.cli.ts
+++ b/src/vs/server/node/server.cli.ts
@@ -269,7 +269,6 @@ export async function main(desc: ProductDescription, args: string[]): Promise<vo
 		} else {
 			const cliCwd = dirname(cliCommand);
 			const env = { ...process.env, ELECTRON_RUN_AS_NODE: '1' };
-			newCommandline.unshift('--ms-enable-electron-run-as-node');
 			newCommandline.unshift('resources/app/out/cli.js');
 			if (verbose) {
 				console.log(`Invoking: cd "${cliCwd}" && ELECTRON_RUN_AS_NODE=1 "${cliCommand}" "${newCommandline.join('" "')}"`);
diff --git a/yarn.lock b/yarn.lock
index 4be700f1be35d..71c12eac4920a 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -3570,10 +3570,10 @@ electron-to-chromium@^1.4.202:
   resolved "https://registry.yarnpkg.com/electron-to-chromium/-/electron-to-chromium-1.4.207.tgz#9c3310ebace2952903d05dcaba8abe3a4ed44c01"
   integrity sha512-piH7MJDJp4rJCduWbVvmUd59AUne1AFBJ8JaRQvk0KzNTSUnZrVXHCZc+eg+CGE4OujkcLJznhGKD6tuAshj5Q==
 
-electron@27.1.3:
-  version "27.1.3"
-  resolved "https://registry.yarnpkg.com/electron/-/electron-27.1.3.tgz#3fd6decda95c1dd0a7e51a9ac77ee0ba37b7c5c6"
-  integrity sha512-7eD8VMhhlL5J531OOawn00eMthUkX1e3qN5Nqd7eMK8bg5HxQBrn8bdPlvUEnCano9KhrVwaDnGeuzWoDOGpjQ==
+electron@27.2.1:
+  version "27.2.1"
+  resolved "https://registry.yarnpkg.com/electron/-/electron-27.2.1.tgz#9251b151fea39f7ef2b011e45dd04fb06db58c25"
+  integrity sha512-bYUzyptYrUIFtPnyF2x6DnhF1E9FCthctjbNSKMqg7dG4NqSwyuZzEku3Wts55u8R+ddNFbLoLwRHHLvYTCQlA==
   dependencies:
     "@electron/get" "^2.0.0"
     "@types/node" "^18.11.18"