diff --git a/pyproject.toml b/pyproject.toml
index cbe52d7..001c794 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "mkdocs-include-markdown-plugin"
-version = "7.1.7"
+version = "7.1.8"
 description = "Mkdocs Markdown includer plugin."
 readme = "README.md"
 license = "Apache-2.0"
diff --git a/src/mkdocs_include_markdown_plugin/event.py b/src/mkdocs_include_markdown_plugin/event.py
index 5924927..e621ad6 100644
--- a/src/mkdocs_include_markdown_plugin/event.py
+++ b/src/mkdocs_include_markdown_plugin/event.py
@@ -28,6 +28,11 @@
 )
 from mkdocs_include_markdown_plugin.files_watcher import FilesWatcher
 from mkdocs_include_markdown_plugin.logger import logger
+from mkdocs_include_markdown_plugin.placeholders import (
+    escape_placeholders,
+    save_placeholder,
+    unescape_placeholders,
+)
 
 
 if TYPE_CHECKING:  # pragma: no cover
@@ -46,30 +51,6 @@
     )
 
 
-# Placeholders (taken from Python-Markdown)
-STX = '\u0002'
-''' "Start of Text" marker for placeholder templates. '''
-ETX = '\u0003'
-''' "End of Text" marker for placeholder templates. '''
-INLINE_PLACEHOLDER_PREFIX = f'{STX}klzzwxh:'
-
-
-def build_placeholder(num: int) -> str:
-    """Return a placeholder."""
-    return f'{INLINE_PLACEHOLDER_PREFIX}{num}{ETX}'
-
-
-def save_placeholder(
-        placeholders_contents: list[tuple[str, str]],
-        text_to_include: str,
-) -> str:
-    """Save the included text and return the placeholder."""
-    inclusion_index = len(placeholders_contents)
-    placeholder = build_placeholder(inclusion_index)
-    placeholders_contents.append((placeholder, text_to_include))
-    return placeholder
-
-
 @dataclass
 class Settings:  # noqa: D101
     exclude: list[str] | None
@@ -105,6 +86,7 @@ def get_file_content(  # noqa: PLR0913, PLR0915
     else:
         settings_ignore_paths = []
 
+    markdown = escape_placeholders(markdown)
     placeholders_contents: list[tuple[str, str]] = []
 
     def found_include_tag(  # noqa: PLR0912, PLR0915
@@ -624,7 +606,7 @@ def found_include_markdown_tag(  # noqa: PLR0912, PLR0915
     # Replace placeholders by contents
     for placeholder, text in placeholders_contents:
         markdown = markdown.replace(placeholder, text, 1)
-    return markdown
+    return unescape_placeholders(markdown)
 
 
 def on_page_markdown(
diff --git a/src/mkdocs_include_markdown_plugin/placeholders.py b/src/mkdocs_include_markdown_plugin/placeholders.py
new file mode 100644
index 0000000..4b1e7a1
--- /dev/null
+++ b/src/mkdocs_include_markdown_plugin/placeholders.py
@@ -0,0 +1,37 @@
+"""Module for placeholders processing."""
+
+# Placeholders (taken from Python-Markdown)
+from __future__ import annotations
+
+
+STX = '\u0002'
+''' "Start of Text" marker for placeholder templates. '''
+ETX = '\u0003'
+''' "End of Text" marker for placeholder templates. '''
+INLINE_PLACEHOLDER_PREFIX = f'{STX}klzzwxh:'
+
+
+def build_placeholder(num: int) -> str:
+    """Return a placeholder."""
+    return f'{INLINE_PLACEHOLDER_PREFIX}{num}{ETX}'
+
+
+def escape_placeholders(text: str) -> str:
+    """Escape placeholders in the given text."""
+    return text.replace(STX, f'\\{STX}').replace(ETX, f'\\{ETX}')
+
+
+def unescape_placeholders(text: str) -> str:
+    """Unescape placeholders in the given text."""
+    return text.replace(f'\\{STX}', STX).replace(f'\\{ETX}', ETX)
+
+
+def save_placeholder(
+        placeholders_contents: list[tuple[str, str]],
+        text_to_include: str,
+) -> str:
+    """Save the included text and return the placeholder."""
+    inclusion_index = len(placeholders_contents)
+    placeholder = build_placeholder(inclusion_index)
+    placeholders_contents.append((placeholder, text_to_include))
+    return placeholder
diff --git a/tests/test_unit/test_include_markdown.py b/tests/test_unit/test_include_markdown.py
index 3d5ca94..f5a9717 100644
--- a/tests/test_unit/test_include_markdown.py
+++ b/tests/test_unit/test_include_markdown.py
@@ -3,6 +3,7 @@
 import pytest
 
 from mkdocs_include_markdown_plugin.event import on_page_markdown
+from mkdocs_include_markdown_plugin.placeholders import build_placeholder
 
 
 @pytest.mark.parametrize(
@@ -776,6 +777,27 @@
             [],
             id='internal-anchor',
         ),
+
+        # Placeholder collision
+        pytest.param(
+            '''# Header
+
+''' + build_placeholder(0) + '''
+
+{%
+  include-markdown "{filepath}"
+%}
+''',
+            'Content to include',
+            '''# Header
+
+''' + build_placeholder(0) + '''
+
+Content to include
+''',
+            [],
+            id='placeholder-collision',
+        ),
     ),
 )
 def test_include_markdown(