diff --git a/docs/CHANGELOG.md b/docs/CHANGELOG.md
index db853ed95..a0a24a960 100644
--- a/docs/CHANGELOG.md
+++ b/docs/CHANGELOG.md
@@ -25,6 +25,7 @@ The following tip changes can be tested by building VictoriaMetrics components f
 * FEATURE: [vmagent](https://docs.victoriametrics.com/vmagent.html): add support for MX record types in [dns_sd_configs](https://docs.victoriametrics.com/sd_configs.html#dns_sd_configs) in the same way as Prometheus 2.38 [does](https://github.com/prometheus/prometheus/pull/10099).
 * FEATURE: [vmagent](https://docs.victoriametrics.com/vmagent.html): add `__meta_kubernetes_service_port_number` meta-label for `role: service` in [kubernetes_sd_configs](https://docs.victoriametrics.com/sd_configs.html#kubernetes_sd_configs) in the same way as Prometheus 2.38 [does](https://github.com/prometheus/prometheus/pull/11002).
 * FEATURE: [vmagent](https://docs.victoriametrics.com/vmagent.html): add `__meta_kubernetes_pod_container_image` meta-label for `role: pod` in [kubernetes_sd_configs](https://docs.victoriametrics.com/sd_configs.html#kubernetes_sd_configs) in the same way as Prometheus 2.38 [does](https://github.com/prometheus/prometheus/pull/11034).
+* FEATURE: [vmagent](https://docs.victoriametrics.com/vmagent.html): retry HTTP requests after some wait time during service discovery and during target scrapes if the server returns 429 HTTP status code (aka `Too many requests`). See [this issue](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/2940).
 * FEATURE: [vmui](https://docs.victoriametrics.com/#vmui): add a legend in the top right corner for shortcut keys. See [this feature request](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/2813).
 * FEATURE: [vmalert](https://docs.victoriametrics.com/vmalert.html): add `toTime()` template function in the same way as Prometheus 2.38 [does](https://github.com/prometheus/prometheus/pull/10993). See [these docs](https://prometheus.io/docs/prometheus/latest/configuration/template_reference/#numbers).
 
diff --git a/lib/promscrape/client.go b/lib/promscrape/client.go
index 2051f2216..568dcea63 100644
--- a/lib/promscrape/client.go
+++ b/lib/promscrape/client.go
@@ -15,6 +15,7 @@ import (
 	"github.com/VictoriaMetrics/VictoriaMetrics/lib/bytesutil"
 	"github.com/VictoriaMetrics/VictoriaMetrics/lib/flagutil"
 	"github.com/VictoriaMetrics/VictoriaMetrics/lib/logger"
+	"github.com/VictoriaMetrics/VictoriaMetrics/lib/promscrape/discoveryutils"
 	"github.com/VictoriaMetrics/VictoriaMetrics/lib/proxy"
 	"github.com/VictoriaMetrics/fasthttp"
 	"github.com/VictoriaMetrics/metrics"
@@ -189,6 +190,7 @@ func (c *client) GetStreamReader() (*streamReader, error) {
 	req.Header.Set("X-Prometheus-Scrape-Timeout-Seconds", c.scrapeTimeoutSecondsStr)
 	c.setHeaders(req)
 	c.setProxyHeaders(req)
+	scrapeRequests.Inc()
 	resp, err := c.sc.Do(req)
 	if err != nil {
 		cancel()
@@ -327,33 +329,12 @@ var (
 	scrapesOK             = metrics.NewCounter(`vm_promscrape_scrapes_total{status_code="200"}`)
 	scrapesGunzipped      = metrics.NewCounter(`vm_promscrape_scrapes_gunziped_total`)
 	scrapesGunzipFailed   = metrics.NewCounter(`vm_promscrape_scrapes_gunzip_failed_total`)
+	scrapeRequests        = metrics.NewCounter(`vm_promscrape_scrape_requests_total`)
 	scrapeRetries         = metrics.NewCounter(`vm_promscrape_scrape_retries_total`)
 )
 
 func doRequestWithPossibleRetry(hc *fasthttp.HostClient, req *fasthttp.Request, resp *fasthttp.Response, deadline time.Time) error {
-	sleepTime := time.Second
-	for {
-		// Use DoDeadline instead of Do even if hc.ReadTimeout is already set in order to guarantee the given deadline
-		// across multiple retries.
-		err := hc.DoDeadline(req, resp, deadline)
-		if err == nil {
-			return nil
-		}
-		if err != fasthttp.ErrConnectionClosed && !strings.Contains(err.Error(), "broken pipe") {
-			return err
-		}
-		// Retry request if the server closes the keep-alive connection unless deadline exceeds.
-		maxSleepTime := time.Until(deadline)
-		if sleepTime > maxSleepTime {
-			return fmt.Errorf("the server closes all the connection attempts: %w", err)
-		}
-		sleepTime += sleepTime
-		if sleepTime > maxSleepTime {
-			sleepTime = maxSleepTime
-		}
-		time.Sleep(sleepTime)
-		scrapeRetries.Inc()
-	}
+	return discoveryutils.DoRequestWithPossibleRetry(hc, req, resp, deadline, scrapeRequests, scrapeRetries)
 }
 
 type streamReader struct {
diff --git a/lib/promscrape/discoveryutils/client.go b/lib/promscrape/discoveryutils/client.go
index 8cb9b1b72..842bda1bc 100644
--- a/lib/promscrape/discoveryutils/client.go
+++ b/lib/promscrape/discoveryutils/client.go
@@ -240,20 +240,23 @@ func (c *Client) getAPIResponseWithParamsAndClient(client *fasthttp.HostClient,
 	return data, nil
 }
 
-func doRequestWithPossibleRetry(hc *fasthttp.HostClient, req *fasthttp.Request, resp *fasthttp.Response, deadline time.Time) error {
+// DoRequestWithPossibleRetry performs the given req at hc and stores the response at resp.
+func DoRequestWithPossibleRetry(hc *fasthttp.HostClient, req *fasthttp.Request, resp *fasthttp.Response, deadline time.Time, requestCounter, retryCounter *metrics.Counter) error {
 	sleepTime := time.Second
-	discoveryRequests.Inc()
+	requestCounter.Inc()
 	for {
 		// Use DoDeadline instead of Do even if hc.ReadTimeout is already set in order to guarantee the given deadline
 		// across multiple retries.
 		err := hc.DoDeadline(req, resp, deadline)
 		if err == nil {
-			return nil
-		}
-		if err != fasthttp.ErrConnectionClosed && !strings.Contains(err.Error(), "broken pipe") {
+			statusCode := resp.StatusCode()
+			if statusCode != fasthttp.StatusTooManyRequests {
+				return nil
+			}
+		} else if err != fasthttp.ErrConnectionClosed && !strings.Contains(err.Error(), "broken pipe") {
 			return err
 		}
-		// Retry request if the server closes the keep-alive connection unless deadline exceeds.
+		// Retry request after exponentially increased sleep.
 		maxSleepTime := time.Until(deadline)
 		if sleepTime > maxSleepTime {
 			return fmt.Errorf("the server closes all the connection attempts: %w", err)
@@ -263,11 +266,15 @@ func doRequestWithPossibleRetry(hc *fasthttp.HostClient, req *fasthttp.Request,
 			sleepTime = maxSleepTime
 		}
 		time.Sleep(sleepTime)
-		discoveryRetries.Inc()
+		retryCounter.Inc()
 	}
 }
 
+func doRequestWithPossibleRetry(hc *fasthttp.HostClient, req *fasthttp.Request, resp *fasthttp.Response, deadline time.Time) error {
+	return DoRequestWithPossibleRetry(hc, req, resp, deadline, discoveryRequests, discoveryRetries)
+}
+
 var (
-	discoveryRetries  = metrics.NewCounter(`vm_promscrape_discovery_retries_total`)
 	discoveryRequests = metrics.NewCounter(`vm_promscrape_discovery_requests_total`)
+	discoveryRetries  = metrics.NewCounter(`vm_promscrape_discovery_retries_total`)
 )