diff --git a/pandas/_libs/lib.pyi b/pandas/_libs/lib.pyi
index 188494c7c60db..3cbc04fb2f5cd 100644
--- a/pandas/_libs/lib.pyi
+++ b/pandas/_libs/lib.pyi
@@ -230,8 +230,8 @@ def generate_bins_dt64(
     hasnans: bool = ...,
 ) -> np.ndarray: ...  # np.ndarray[np.int64, ndim=1]
 def array_equivalent_object(
-    left: np.ndarray,  # object[:]
-    right: np.ndarray,  # object[:]
+    left: npt.NDArray[np.object_],
+    right: npt.NDArray[np.object_],
 ) -> bool: ...
 def has_infs(arr: np.ndarray) -> bool: ...  # const floating[:]
 def get_reverse_indexer(
diff --git a/pandas/_libs/lib.pyx b/pandas/_libs/lib.pyx
index 3769bbf087fee..5ef42228d8029 100644
--- a/pandas/_libs/lib.pyx
+++ b/pandas/_libs/lib.pyx
@@ -15,6 +15,7 @@ from cpython.iterator cimport PyIter_Check
 from cpython.number cimport PyNumber_Check
 from cpython.object cimport (
     Py_EQ,
+    PyObject,
     PyObject_RichCompareBool,
     PyTypeObject,
 )
@@ -571,25 +572,42 @@ def maybe_booleans_to_slice(ndarray[uint8_t, ndim=1] mask):
 
 @cython.wraparound(False)
 @cython.boundscheck(False)
-def array_equivalent_object(left: object[:], right: object[:]) -> bool:
+def array_equivalent_object(ndarray left, ndarray right) -> bool:
     """
-    Perform an element by element comparison on 1-d object arrays
+    Perform an element by element comparison on N-d object arrays
     taking into account nan positions.
     """
+    # left and right both have object dtype, but we cannot annotate that
+    #  without limiting ndim.
     cdef:
-        Py_ssize_t i, n = left.shape[0]
+        Py_ssize_t i, n = left.size
         object x, y
+        cnp.broadcast mi = cnp.PyArray_MultiIterNew2(left, right)
+
+    # Caller is responsible for checking left.shape == right.shape
 
     for i in range(n):
-        x = left[i]
-        y = right[i]
+        # Analogous to: x = left[i]
+        x = <object>(<PyObject**>cnp.PyArray_MultiIter_DATA(mi, 0))[0]
+        y = <object>(<PyObject**>cnp.PyArray_MultiIter_DATA(mi, 1))[0]
 
         # we are either not equal or both nan
         # I think None == None will be true here
         try:
             if PyArray_Check(x) and PyArray_Check(y):
-                if not array_equivalent_object(x, y):
+                if x.shape != y.shape:
                     return False
+                if x.dtype == y.dtype == object:
+                    if not array_equivalent_object(x, y):
+                        return False
+                else:
+                    # Circular import isn't great, but so it goes.
+                    # TODO: could use np.array_equal?
+                    from pandas.core.dtypes.missing import array_equivalent
+
+                    if not array_equivalent(x, y):
+                        return False
+
             elif (x is C_NA) ^ (y is C_NA):
                 return False
             elif not (
@@ -612,6 +630,8 @@ def array_equivalent_object(left: object[:], right: object[:]) -> bool:
                 return False
             raise
 
+        cnp.PyArray_MultiIter_NEXT(mi)
+
     return True
 
 
diff --git a/pandas/core/dtypes/missing.py b/pandas/core/dtypes/missing.py
index 375d05bdf11ff..a225d2cd12eac 100644
--- a/pandas/core/dtypes/missing.py
+++ b/pandas/core/dtypes/missing.py
@@ -565,16 +565,7 @@ def _array_equivalent_object(left: np.ndarray, right: np.ndarray, strict_nan: bo
     if not strict_nan:
         # isna considers NaN and None to be equivalent.
 
-        if left.flags["F_CONTIGUOUS"] and right.flags["F_CONTIGUOUS"]:
-            # we can improve performance by doing a copy-free ravel
-            # e.g. in frame_methods.Equals.time_frame_nonunique_equal
-            #  if we transposed the frames
-            left = left.ravel("K")
-            right = right.ravel("K")
-
-        return lib.array_equivalent_object(
-            ensure_object(left.ravel()), ensure_object(right.ravel())
-        )
+        return lib.array_equivalent_object(ensure_object(left), ensure_object(right))
 
     for left_value, right_value in zip(left, right):
         if left_value is NaT and right_value is not NaT:
diff --git a/pandas/tests/dtypes/test_missing.py b/pandas/tests/dtypes/test_missing.py
index cc365bef2b183..21c49807b7743 100644
--- a/pandas/tests/dtypes/test_missing.py
+++ b/pandas/tests/dtypes/test_missing.py
@@ -466,6 +466,27 @@ def test_array_equivalent_series(val):
         assert not array_equivalent(Series([arr, arr]), Series([arr, val]))
 
 
+def test_array_equivalent_array_mismatched_shape():
+    # to trigger the motivating bug, the first N elements of the arrays need
+    #  to match
+    first = np.array([1, 2, 3])
+    second = np.array([1, 2])
+
+    left = Series([first, "a"], dtype=object)
+    right = Series([second, "a"], dtype=object)
+    assert not array_equivalent(left, right)
+
+
+def test_array_equivalent_array_mismatched_dtype():
+    # same shape, different dtype can still be equivalent
+    first = np.array([1, 2], dtype=np.float64)
+    second = np.array([1, 2])
+
+    left = Series([first, "a"], dtype=object)
+    right = Series([second, "a"], dtype=object)
+    assert array_equivalent(left, right)
+
+
 def test_array_equivalent_different_dtype_but_equal():
     # Unclear if this is exposed anywhere in the public-facing API
     assert array_equivalent(np.array([1, 2]), np.array([1.0, 2.0]))