diff --git a/changelogs/fragments/54823-vmware_deploy_ovf-folder.yml b/changelogs/fragments/54823-vmware_deploy_ovf-folder.yml
new file mode 100644
index 00000000000..e856eea0878
--- /dev/null
+++ b/changelogs/fragments/54823-vmware_deploy_ovf-folder.yml
@@ -0,0 +1,2 @@
+minor_changes:
+  - Check return value of FindByInventoryPath API used for finding folder value (https://github.com/ansible/ansible/issues/54823).
diff --git a/lib/ansible/modules/cloud/vmware/vmware_deploy_ovf.py b/lib/ansible/modules/cloud/vmware/vmware_deploy_ovf.py
index 815e7f14303..0ac652849d7 100644
--- a/lib/ansible/modules/cloud/vmware/vmware_deploy_ovf.py
+++ b/lib/ansible/modules/cloud/vmware/vmware_deploy_ovf.py
@@ -370,6 +370,8 @@ class VMwareDeployOvf:
 
         if self.params['folder']:
             folder = self.si.searchIndex.FindByInventoryPath(self.params['folder'])
+            if not folder:
+                self.module.fail_json(msg="Unable to find the specified folder %(folder)s" % self.params)
         else:
             folder = datacenter.vmFolder