diff --git a/.changelog/34738.txt b/.changelog/34738.txt
new file mode 100644
index 000000000000..f07f93f63137
--- /dev/null
+++ b/.changelog/34738.txt
@@ -0,0 +1,3 @@
+```release-note:bug
+resource/aws_ram_principal_association: Fix `reading RAM Resource Share (...) Principal Association (...): couldn't find resource (21 retries)` errors when a high number of principals are associated with a resource share
+```
diff --git a/internal/service/ram/find.go b/internal/service/ram/find.go
index 11ec170a13f8..5a5124c5d49a 100644
--- a/internal/service/ram/find.go
+++ b/internal/service/ram/find.go
@@ -9,6 +9,7 @@ import (
 
 	"github.com/aws/aws-sdk-go/aws"
 	"github.com/aws/aws-sdk-go/service/ram"
+	"github.com/hashicorp/aws-sdk-go-base/v2/awsv1shim/v2/tfawserr"
 	"github.com/hashicorp/terraform-plugin-sdk/v2/helper/retry"
 	"github.com/hashicorp/terraform-provider-aws/internal/tfresource"
 )
@@ -140,15 +141,46 @@ func FindResourceSharePrincipalAssociationByShareARNPrincipal(ctx context.Contex
 		ResourceShareArns: aws.StringSlice([]string{resourceShareARN}),
 	}
 
-	output, err := conn.GetResourceShareAssociationsWithContext(ctx, input)
+	return findResourceShareAssociation(ctx, conn, input)
+}
+
+func findResourceShareAssociation(ctx context.Context, conn *ram.RAM, input *ram.GetResourceShareAssociationsInput) (*ram.ResourceShareAssociation, error) {
+	output, err := findResourceShareAssociations(ctx, conn, input)
 
 	if err != nil {
 		return nil, err
 	}
 
-	if output == nil || len(output.ResourceShareAssociations) == 0 || output.ResourceShareAssociations[0] == nil {
-		return nil, nil
+	return tfresource.AssertSinglePtrResult(output)
+}
+
+func findResourceShareAssociations(ctx context.Context, conn *ram.RAM, input *ram.GetResourceShareAssociationsInput) ([]*ram.ResourceShareAssociation, error) {
+	var output []*ram.ResourceShareAssociation
+
+	err := conn.GetResourceShareAssociationsPagesWithContext(ctx, input, func(page *ram.GetResourceShareAssociationsOutput, lastPage bool) bool {
+		if page == nil {
+			return !lastPage
+		}
+
+		for _, v := range page.ResourceShareAssociations {
+			if v != nil {
+				output = append(output, v)
+			}
+		}
+
+		return !lastPage
+	})
+
+	if tfawserr.ErrCodeEquals(err, ram.ErrCodeUnknownResourceException) {
+		return nil, &retry.NotFoundError{
+			LastError:   err,
+			LastRequest: input,
+		}
+	}
+
+	if err != nil {
+		return nil, err
 	}
 
-	return output.ResourceShareAssociations[0], nil
+	return output, nil
 }