diff --git a/litellm/caching/disk_cache.py b/litellm/caching/disk_cache.py
index d9f65ce949e..af8eb92849f 100644
--- a/litellm/caching/disk_cache.py
+++ b/litellm/caching/disk_cache.py
@@ -58,12 +58,12 @@ class DiskCache(BaseCache):
         return return_val
 
     def increment_cache(self, key, value: int, **kwargs) -> int:
-        # get the value
-        cached_value = self.get_cache(key=key)
-        init_value = cached_value if isinstance(cached_value, int) else 0
-        value = init_value + value
-        self.set_cache(key, value, **kwargs)
-        return value
+        with self.disk_cache.transact():
+            cached_value = self.get_cache(key=key)
+            init_value = cached_value if isinstance(cached_value, int) else 0
+            new_value = init_value + value
+            self.set_cache(key, new_value, **kwargs)
+            return new_value
 
     async def async_get_cache(self, key, **kwargs):
         return self.get_cache(key=key, **kwargs)
@@ -76,12 +76,7 @@ class DiskCache(BaseCache):
         return return_val
 
     async def async_increment(self, key, value: int, **kwargs) -> int:
-        # get the value
-        cached_value = await self.async_get_cache(key=key)
-        init_value = cached_value if isinstance(cached_value, int) else 0
-        value = init_value + value
-        await self.async_set_cache(key, value, **kwargs)
-        return value
+        return self.increment_cache(key=key, value=value, **kwargs)
 
     def flush_cache(self):
         self.disk_cache.clear()
diff --git a/litellm/caching/in_memory_cache.py b/litellm/caching/in_memory_cache.py
index 2ad3f3f11b7..36b477f7a8b 100644
--- a/litellm/caching/in_memory_cache.py
+++ b/litellm/caching/in_memory_cache.py
@@ -12,6 +12,7 @@ import json
 import sys
 import time
 import heapq
+import threading
 from typing import TYPE_CHECKING, Any, List, Optional
 
 if TYPE_CHECKING:
@@ -46,6 +47,7 @@ class InMemoryCache(BaseCache):
         self.cache_dict: dict = {}
         self.ttl_dict: dict = {}
         self.expiration_heap: list[tuple[float, str]] = []
+        self._increment_lock = threading.Lock()
 
     def check_value_size(self, value: Any):
         """
@@ -223,12 +225,13 @@ class InMemoryCache(BaseCache):
             return_val.append(val)
         return return_val
 
-    def increment_cache(self, key, value: int, **kwargs) -> int:
-        # get the value
-        init_value = self.get_cache(key=key) or 0
-        value = init_value + value
-        self.set_cache(key, value, **kwargs)
-        return value
+    def increment_cache(self, key, value: float, **kwargs) -> float:
+        with self._increment_lock:
+            # keep read-modify-write atomic
+            init_value = self.get_cache(key=key) or 0
+            value = init_value + value
+            self.set_cache(key, value, **kwargs)
+            return value
 
     async def async_get_cache(self, key, **kwargs):
         return self.get_cache(key=key, **kwargs)
@@ -241,11 +244,7 @@ class InMemoryCache(BaseCache):
         return return_val
 
     async def async_increment(self, key, value: float, **kwargs) -> float:
-        # get the value
-        init_value = await self.async_get_cache(key=key) or 0
-        value = init_value + value
-        await self.async_set_cache(key, value, **kwargs)
-        return value
+        return self.increment_cache(key=key, value=value, **kwargs)
 
     async def async_increment_pipeline(
         self, increment_list: List["RedisPipelineIncrementOperation"], **kwargs
diff --git a/tests/test_litellm/caching/test_disk_cache.py b/tests/test_litellm/caching/test_disk_cache.py
index b8d3b7b8d36..084370726b1 100644
--- a/tests/test_litellm/caching/test_disk_cache.py
+++ b/tests/test_litellm/caching/test_disk_cache.py
@@ -1,3 +1,7 @@
+import threading
+import time
+from concurrent.futures import ThreadPoolExecutor
+
 import pytest
 
 pytest.importorskip("diskcache")
@@ -5,6 +9,12 @@ pytest.importorskip("diskcache")
 from litellm.caching.disk_cache import DiskCache
 
 
+class _SlowInt(int):
+    def __add__(self, value: int) -> "_SlowInt":
+        time.sleep(0.05)
+        return _SlowInt(int(self) + value)
+
+
 @pytest.fixture
 def cache(tmp_path):
     return DiskCache(disk_cache_dir=str(tmp_path))
@@ -27,6 +37,22 @@ def test_increment_cache_treats_non_int_cached_value_as_zero(cache):
     assert cache.get_cache("counter") == 4
 
 
+def test_increment_cache_is_atomic_under_thread_concurrency(cache):
+    seed = 1000
+    cache.set_cache("counter", _SlowInt(seed))
+    thread_count = 8
+    barrier = threading.Barrier(thread_count)
+
+    def increment(_: int) -> int:
+        barrier.wait()
+        return cache.increment_cache("counter", 1)
+
+    with ThreadPoolExecutor(max_workers=thread_count) as executor:
+        tuple(executor.map(increment, range(thread_count)))
+
+    assert cache.get_cache("counter") == seed + thread_count
+
+
 async def test_async_increment_starts_from_zero_when_key_missing(cache):
     assert await cache.async_increment("counter", 2) == 2
 
diff --git a/tests/test_litellm/caching/test_in_memory_cache.py b/tests/test_litellm/caching/test_in_memory_cache.py
index 8828ebf207e..7be03d23fbe 100644
--- a/tests/test_litellm/caching/test_in_memory_cache.py
+++ b/tests/test_litellm/caching/test_in_memory_cache.py
@@ -2,7 +2,9 @@ import asyncio
 import json
 import os
 import sys
+import threading
 import time
+from concurrent.futures import ThreadPoolExecutor
 from unittest.mock import MagicMock, patch
 
 import httpx
@@ -18,6 +20,36 @@ from unittest.mock import AsyncMock
 from litellm.caching.in_memory_cache import InMemoryCache
 
 
+class _SlowInt(int):
+    def __add__(self, value: int) -> "_SlowInt":
+        time.sleep(0.05)
+        return _SlowInt(int(self) + value)
+
+
+def test_increment_cache_is_atomic_under_thread_concurrency():
+    cache = InMemoryCache()
+    seed = 1000
+    cache.set_cache("counter", _SlowInt(seed))
+    thread_count = 8
+    barrier = threading.Barrier(thread_count)
+
+    def increment(_: int) -> float:
+        barrier.wait()
+        return cache.increment_cache("counter", 1)
+
+    with ThreadPoolExecutor(max_workers=thread_count) as executor:
+        tuple(executor.map(increment, range(thread_count)))
+
+    assert cache.get_cache("counter") == seed + thread_count
+
+
+async def test_async_increment_delegates_to_locked_sync_path():
+    cache = InMemoryCache()
+    assert await cache.async_increment("counter", 2) == 2
+    assert await cache.async_increment("counter", 3) == 5
+    assert cache.get_cache("counter") == 5
+
+
 def test_in_memory_openai_obj_cache():
     from openai import OpenAI