diff --git a/django/db/models/sql/query.py b/django/db/models/sql/query.py
index 7524a3582d..d8c711d18f 100644
--- a/django/db/models/sql/query.py
+++ b/django/db/models/sql/query.py
@@ -1370,9 +1370,13 @@ class Query(object):
             try:
                 field, model, direct, m2m = opts.get_field_by_name(name)
             except FieldDoesNotExist:
-                # We didn't found the current field, so move position back
+                # We didn't find the current field, so move position back
                 # one step.
                 pos -= 1
+                if pos == -1 or fail_on_missing:
+                    available = opts.get_all_field_names() + list(self.aggregate_select)
+                    raise FieldError("Cannot resolve keyword %r into field. "
+                                     "Choices are: %s" % (name, ", ".join(available)))
                 break
             # Check if we need any joins for concrete inheritance cases (the
             # field lives in parent, but we are currently in one of its
@@ -1412,16 +1416,13 @@ class Query(object):
                 # Local non-relational field.
                 final_field = field
                 targets = (field,)
+                if fail_on_missing and pos + 1 != len(names):
+                    raise FieldError(
+                        "Cannot resolve keyword %r into field. Join on '%s'"
+                        " not permitted." % (names[pos + 1], name))
                 break
-        if pos == -1 or (fail_on_missing and pos + 1 != len(names)):
-            self.raise_field_error(opts, name)
         return path, final_field, targets, names[pos + 1:]
 
-    def raise_field_error(self, opts, name):
-        available = opts.get_all_field_names() + list(self.aggregate_select)
-        raise FieldError("Cannot resolve keyword %r into field. "
-                         "Choices are: %s" % (name, ", ".join(available)))
-
     def setup_joins(self, names, opts, alias, can_reuse=None, allow_many=True):
         """
         Compute the necessary table joins for the passage through the fields
diff --git a/tests/queries/tests.py b/tests/queries/tests.py
index 198594ea42..20c5f5d8d3 100644
--- a/tests/queries/tests.py
+++ b/tests/queries/tests.py
@@ -2164,6 +2164,13 @@ class ValuesQuerysetTests(BaseQuerysetTest):
         qs = qs.values_list('num', flat=True)
         self.assertQuerysetEqual(qs, [72], self.identity)
 
+    def test_field_error_values_list(self):
+        # see #23443
+        with self.assertRaisesMessage(FieldError,
+                "Cannot resolve keyword %r into field."
+                " Join on 'name' not permitted." % 'foo'):
+            Tag.objects.values_list('name__foo')
+
 
 class QuerySetSupportsPythonIdioms(TestCase):