diff --git a/CHANGELOG.md b/CHANGELOG.md
index 95144d6..29631d8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -16,6 +16,13 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 ### Changed
 
 - **BREAKING:** Bump peer dependency on `@metamask/network-controller` to `^24.0.0` ([#519](https://github.com/MetaMask/smart-transactions-controller/pull/519))
+- **BREAKING:** Bump dependency and peer dependency on `@metamask/transaction-controller` to `^58.0.0` ([#519](https://github.com/MetaMask/smart-transactions-controller/pull/519))
+  - The `confirmExternalTransaction` constructor option now expects to match `TransactionController` from this version
+  - The `getNonceLock` constructor option now expects to match `TransactionController` from this version
+  - The `getTransactions` constructor option now returns an object that matches `TransactionMeta` from this version
+  - The `updateTransaction` constructor option now expects an object that matches `TransactionMeta` from this version
+  - The `transactionMeta` option of the `submitSignedTransactions` method now expects an object that matches `TransactionMeta` from this version
+  - The `txParams` option of the `submitSignedTransactions` method now expects an object that matches `TransactionParams` from this version
 
 ## [16.5.0]
 
diff --git a/package.json b/package.json
index 19422aa..a7d3007 100644
--- a/package.json
+++ b/package.json
@@ -52,7 +52,7 @@
     "@metamask/gas-fee-controller": "^22.0.0",
     "@metamask/json-rpc-engine": "^10.0.1",
     "@metamask/network-controller": "^24.0.0",
-    "@metamask/transaction-controller": "^42.0.0",
+    "@metamask/transaction-controller": "^58.1.0",
     "@types/jest": "^26.0.24",
     "@types/lodash": "^4.14.194",
     "@types/node": "^18.19.17",
@@ -78,7 +78,7 @@
   },
   "peerDependencies": {
     "@metamask/network-controller": "^24.0.0",
-    "@metamask/transaction-controller": "^42.0.0"
+    "@metamask/transaction-controller": "^58.0.0"
   },
   "peerDependenciesMeta": {
     "@metamask/accounts-controller": {
@@ -101,9 +101,7 @@
       "@lavamoat/preinstall-always-fail": false,
       "@metamask/controller-utils>ethereumjs-util>ethereum-cryptography>keccak": false,
       "@metamask/controller-utils>ethereumjs-util>ethereum-cryptography>secp256k1": false,
-      "@metamask/controller-utils>babel-runtime>core-js": false,
-      "@metamask/transaction-controller>@metamask/accounts-controller>@metamask/keyring-controller>ethereumjs-wallet>ethereum-cryptography>keccak": false,
-      "@metamask/transaction-controller>@metamask/accounts-controller>@metamask/keyring-controller>ethereumjs-wallet>ethereum-cryptography>secp256k1": false
+      "@metamask/controller-utils>babel-runtime>core-js": false
     }
   }
 }
diff --git a/yarn.lock b/yarn.lock
index d24e59e..2b583b8 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -500,6 +500,15 @@ __metadata:
   languageName: node
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+"@ethereumjs/common@npm:^4.4.0":
+  version: 4.4.0
+  resolution: "@ethereumjs/common@npm:4.4.0"
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+  languageName: node
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   resolution: "@ethereumjs/rlp@npm:4.0.1"
@@ -547,6 +556,18 @@ __metadata:
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+"@ethereumjs/tx@npm:^5.4.0":
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+  resolution: "@ethereumjs/tx@npm:5.4.0"
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@@ -600,6 +621,21 @@ __metadata:
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+  languageName: node
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+
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@@ -613,6 +649,19 @@ __metadata:
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+"@ethersproject/abstract-signer@npm:^5.8.0":
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+  resolution: "@ethersproject/abstract-signer@npm:5.8.0"
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+  languageName: node
+  linkType: hard
+
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@@ -626,6 +675,19 @@ __metadata:
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+  languageName: node
+  linkType: hard
+
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@@ -635,6 +697,15 @@ __metadata:
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+"@ethersproject/base64@npm:^5.8.0":
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+  languageName: node
+  linkType: hard
+
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@@ -645,6 +716,16 @@ __metadata:
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+"@ethersproject/basex@npm:^5.8.0":
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+  dependencies:
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+  languageName: node
+  linkType: hard
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@@ -656,6 +737,17 @@ __metadata:
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+"@ethersproject/bignumber@npm:^5.8.0":
+  version: 5.8.0
+  resolution: "@ethersproject/bignumber@npm:5.8.0"
+  dependencies:
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+  languageName: node
+  linkType: hard
+
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@@ -683,6 +775,15 @@ __metadata:
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+"@ethersproject/constants@npm:^5.8.0":
+  version: 5.8.0
+  resolution: "@ethersproject/constants@npm:5.8.0"
+  dependencies:
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+  languageName: node
+  linkType: hard
+
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   resolution: "@ethersproject/contracts@npm:5.7.0"
@@ -718,6 +819,64 @@ __metadata:
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   linkType: hard
 
+"@ethersproject/hash@npm:^5.8.0":
+  version: 5.8.0
+  resolution: "@ethersproject/hash@npm:5.8.0"
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+  languageName: node
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+"@ethersproject/hdnode@npm:^5.8.0":
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+  resolution: "@ethersproject/hdnode@npm:5.8.0"
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+  languageName: node
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+"@ethersproject/json-wallets@npm:^5.8.0":
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+  dependencies:
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+    scrypt-js: 3.0.1
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   resolution: "@ethersproject/keccak256@npm:5.7.0"
@@ -761,6 +920,25 @@ __metadata:
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+"@ethersproject/networks@npm:^5.8.0":
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+  resolution: "@ethersproject/networks@npm:5.8.0"
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@@ -770,6 +948,15 @@ __metadata:
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   linkType: hard
 
+"@ethersproject/properties@npm:^5.8.0":
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+  resolution: "@ethersproject/properties@npm:5.8.0"
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+  languageName: node
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   resolution: "@ethersproject/providers@npm:5.7.2"
@@ -808,6 +995,16 @@ __metadata:
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+"@ethersproject/random@npm:^5.8.0":
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@@ -818,6 +1015,16 @@ __metadata:
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+"@ethersproject/rlp@npm:^5.8.0":
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@@ -829,6 +1036,17 @@ __metadata:
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+"@ethersproject/sha2@npm:^5.8.0":
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+    "@ethersproject/properties": ^5.8.0
+    "@ethersproject/strings": ^5.8.0
+  checksum: d8ca89bde8777ed1eec81527f8a989b939b4625b2f6c275eea90031637a802ad68bf46911fdd43c5e84ea2962b8a3cb4801ab51f5393ae401a163c17c774123f
+  languageName: node
+  linkType: hard
+
+"@ethersproject/wordlists@npm:^5.8.0":
+  version: 5.8.0
+  resolution: "@ethersproject/wordlists@npm:5.8.0"
+  dependencies:
+    "@ethersproject/bytes": ^5.8.0
+    "@ethersproject/hash": ^5.8.0
+    "@ethersproject/logger": ^5.8.0
+    "@ethersproject/properties": ^5.8.0
+    "@ethersproject/strings": ^5.8.0
+  checksum: ba24300927a3c9cb85ae8ace84a6be73f3c43aac6eab7a3abe58a7dfd3b168caf3f01a4528efa8193e269dd3d5efe9d4533bdf3b29d5c55743edcb2e864d25d9
+  languageName: node
+  linkType: hard
+
 "@gar/promisify@npm:^1.1.3":
   version: 1.1.3
   resolution: "@gar/promisify@npm:1.1.3"
@@ -1315,7 +1624,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/controller-utils@npm:^11.0.0, @metamask/controller-utils@npm:^11.10.0, @metamask/controller-utils@npm:^11.4.2, @metamask/controller-utils@npm:^11.4.3, @metamask/controller-utils@npm:^11.4.4":
+"@metamask/controller-utils@npm:^11.0.0, @metamask/controller-utils@npm:^11.10.0, @metamask/controller-utils@npm:^11.4.2, @metamask/controller-utils@npm:^11.4.3":
   version: 11.10.0
   resolution: "@metamask/controller-utils@npm:11.10.0"
   dependencies:
@@ -1661,7 +1970,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/rpc-errors@npm:^7.0.1, @metamask/rpc-errors@npm:^7.0.2":
+"@metamask/rpc-errors@npm:^7.0.2":
   version: 7.0.3
   resolution: "@metamask/rpc-errors@npm:7.0.3"
   dependencies:
@@ -1703,7 +2012,7 @@ __metadata:
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     "@metamask/network-controller": ^24.0.0
     "@metamask/polling-controller": ^12.0.0
-    "@metamask/transaction-controller": ^42.0.0
+    "@metamask/transaction-controller": ^58.1.0
     "@types/jest": ^26.0.24
     "@types/lodash": ^4.14.194
     "@types/node": ^18.19.17
@@ -1731,7 +2040,7 @@ __metadata:
     typescript: ~4.8.4
   peerDependencies:
     "@metamask/network-controller": ^24.0.0
-    "@metamask/transaction-controller": ^42.0.0
+    "@metamask/transaction-controller": ^58.0.0
   peerDependenciesMeta:
     "@metamask/accounts-controller":
       optional: true
@@ -1754,23 +2063,24 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/transaction-controller@npm:^42.0.0":
-  version: 42.0.0
-  resolution: "@metamask/transaction-controller@npm:42.0.0"
+"@metamask/transaction-controller@npm:^58.1.0":
+  version: 58.1.0
+  resolution: "@metamask/transaction-controller@npm:58.1.0"
   dependencies:
-    "@ethereumjs/common": ^3.2.0
-    "@ethereumjs/tx": ^4.2.0
-    "@ethereumjs/util": ^8.1.0
+    "@ethereumjs/common": ^4.4.0
+    "@ethereumjs/tx": ^5.4.0
+    "@ethereumjs/util": ^9.1.0
     "@ethersproject/abi": ^5.7.0
     "@ethersproject/contracts": ^5.7.0
     "@ethersproject/providers": ^5.7.0
-    "@metamask/base-controller": ^7.0.2
-    "@metamask/controller-utils": ^11.4.4
+    "@ethersproject/wallet": ^5.7.0
+    "@metamask/base-controller": ^8.0.1
+    "@metamask/controller-utils": ^11.10.0
     "@metamask/eth-query": ^4.0.0
     "@metamask/metamask-eth-abis": ^3.1.1
     "@metamask/nonce-tracker": ^6.0.0
-    "@metamask/rpc-errors": ^7.0.1
-    "@metamask/utils": ^10.0.0
+    "@metamask/rpc-errors": ^7.0.2
+    "@metamask/utils": ^11.2.0
     async-mutex: ^0.5.0
     bn.js: ^5.2.1
     eth-method-registry: ^4.0.0
@@ -1779,12 +2089,13 @@ __metadata:
     uuid: ^8.3.2
   peerDependencies:
     "@babel/runtime": ^7.0.0
-    "@metamask/accounts-controller": ^20.0.0
+    "@metamask/accounts-controller": ^31.0.0
     "@metamask/approval-controller": ^7.0.0
     "@metamask/eth-block-tracker": ">=9"
-    "@metamask/gas-fee-controller": ^22.0.0
-    "@metamask/network-controller": ^22.0.0
-  checksum: 836a198601d4221aaa62994caa2253274b32f9caabe35a5e7daea07f383288f60dce41bb7f2f197eea5be94b31e78fb9979d6d0338242d0f79c44c488249bbbd
+    "@metamask/gas-fee-controller": ^24.0.0
+    "@metamask/network-controller": ^24.0.0
+    "@metamask/remote-feature-flag-controller": ^1.5.0
+  checksum: 16d866283490ef146653429a32b9f147eb772e26baf990c6b559638843b2dc5c33975c68b743d02788b99b38ea2772b01ba44d3448e4a6af0e82e16bebd8aad2
   languageName: node
   linkType: hard
 
@@ -2475,6 +2786,13 @@ __metadata:
   languageName: node
   linkType: hard
 
+"aes-js@npm:3.0.0":
+  version: 3.0.0
+  resolution: "aes-js@npm:3.0.0"
+  checksum: 251e26d533cd1a915b44896b17d5ed68c24a02484cfdd2e74ec700a309267db96651ea4eb657bf20aac32a3baa61f6e34edf8e2fec2de440a655da9942d334b8
+  languageName: node
+  linkType: hard
+
 "agent-base@npm:6, agent-base@npm:^6.0.2":
   version: 6.0.2
   resolution: "agent-base@npm:6.0.2"
@@ -3503,6 +3821,21 @@ __metadata:
   languageName: node
   linkType: hard
 
+"elliptic@npm:6.6.1":
+  version: 6.6.1
+  resolution: "elliptic@npm:6.6.1"
+  dependencies:
+    bn.js: ^4.11.9
+    brorand: ^1.1.0
+    hash.js: ^1.0.0
+    hmac-drbg: ^1.0.1
+    inherits: ^2.0.4
+    minimalistic-assert: ^1.0.1
+    minimalistic-crypto-utils: ^1.0.1
+  checksum: 27b14a52f68bbbc0720da259f712cb73e953f6d2047958cd02fb0d0ade2e83849dc39fb4af630889c67df8817e24237428cf59c4f4c07700f755b401149a7375
+  languageName: node
+  linkType: hard
+
 "emittery@npm:^0.13.1":
   version: 0.13.1
   resolution: "emittery@npm:0.13.1"
@@ -7206,6 +7539,13 @@ __metadata:
   languageName: node
   linkType: hard
 
+"scrypt-js@npm:3.0.1":
+  version: 3.0.1
+  resolution: "scrypt-js@npm:3.0.1"
+  checksum: b7c7d1a68d6ca946f2fbb0778e0c4ec63c65501b54023b2af7d7e9f48fdb6c6580d6f7675cd53bda5944c5ebc057560d5a6365079752546865defb3b79dea454
+  languageName: node
+  linkType: hard
+
 "semver@npm:^6.0.0, semver@npm:^6.3.0, semver@npm:^6.3.1":
   version: 6.3.1
   resolution: "semver@npm:6.3.1"