diff --git a/Lib/argparse.py b/Lib/argparse.py
index f8739d031e01c58..c87ac7e34b0c4d1 100644
--- a/Lib/argparse.py
+++ b/Lib/argparse.py
@@ -760,7 +760,7 @@ def colorize(match):
             return spec % params
 
         return self._apply_text_markup(
-            _re.sub(fmt_spec, colorize, help_string, flags=_re.VERBOSE)
+            _re.sub(fmt_spec, colorize, str(help_string), flags=_re.VERBOSE)
         )
 
     def _iter_indented_subactions(self, action):
diff --git a/Lib/test/test_argparse.py b/Lib/test/test_argparse.py
index 442cbb1aaadfe3f..edd145382a4a14b 100644
--- a/Lib/test/test_argparse.py
+++ b/Lib/test/test_argparse.py
@@ -7898,6 +7898,36 @@ def test_backtick_markup_in_argument_help_color_disabled(self):
         self.assertIn("set the `foo` value", help_text)
         self.assertNotIn("\x1b[", help_text)
 
+    def test_argument_help_interpolation_accepts_string_like_proxy(self):
+        class LazyStr:
+            def __init__(self, message):
+                self._message = message
+
+            def __str__(self):
+                return self._message
+
+            def __getattr__(self, name):
+                return getattr(str(self), name)
+
+            def __contains__(self, item):
+                return item in self._message
+
+            def __mod__(self, other):
+                return self._message % other
+
+        parser = argparse.ArgumentParser(prog="PROG", color=True)
+        parser.add_argument(
+            "--foo",
+            default="bar",
+            help=LazyStr("foo (default: %(default)s)"),
+        )
+
+        interp = self.theme.interpolated_value
+        reset = self.theme.reset
+
+        help_text = parser.format_help()
+        self.assertIn(f"foo (default: {interp}bar{reset})", help_text)
+
     def test_help_with_format_specifiers(self):
         # GH-142950: format specifiers like %x should work with color=True
         parser = argparse.ArgumentParser(prog='PROG', color=True)
diff --git a/Misc/NEWS.d/next/Library/2026-07-24-21-49-45.gh-issue-148468.pHoF_Q.rst b/Misc/NEWS.d/next/Library/2026-07-24-21-49-45.gh-issue-148468.pHoF_Q.rst
new file mode 100644
index 000000000000000..d1d0deb139bc207
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2026-07-24-21-49-45.gh-issue-148468.pHoF_Q.rst
@@ -0,0 +1 @@
+Fix a regression in :mod:`argparse` where colorized argument help containing format specifiers did not accept string-like proxy objects.