diff --git a/dist/index.js b/dist/index.js
index 54e8b27..7e597bf 100644
--- a/dist/index.js
+++ b/dist/index.js
@@ -21,6 +21,9 @@ const tc = __nccwpck_require__(3472);
 const io = __nccwpck_require__(4994);
 const releases = __nccwpck_require__(5819);
 
+// Constants
+const CACHE_KEY = 'terraform';
+
 // arch in [arm, x32, x64...] (https://nodejs.org/api/os.html#os_os_arch)
 // return value in [amd64, 386, arm]
 function mapArch (arch) {
@@ -40,7 +43,7 @@ function mapOS (os) {
   return mappings[os] || os;
 }
 
-async function downloadCLI (url) {
+async function downloadCLI (url, version) {
   core.debug(`Downloading Terraform CLI from ${url}`);
   const pathToCLIZip = await tc.downloadTool(url);
 
@@ -63,7 +66,24 @@ async function downloadCLI (url) {
     throw new Error(`Unable to download Terraform from ${url}`);
   }
 
-  return pathToCLI;
+  // Cache for later
+  const cachedPath = await tc.cacheDir(pathToCLI, CACHE_KEY, version);
+  return cachedPath;
+}
+
+async function checkWrapper (pathToCLI) {
+  const exeSuffix = os.platform().startsWith('win') ? '.exe' : '';
+  const target = [pathToCLI, `terraform-bin${exeSuffix}`].join(path.sep);
+
+  core.debug('Checking for existing wrapper');
+
+  const hasWrapper = io.which(target);
+
+  if (hasWrapper) {
+    core.debug('Wrapper found, skipping creation.');
+  }
+
+  return hasWrapper;
 }
 
 async function installWrapper (pathToCLI) {
@@ -93,9 +113,6 @@ async function installWrapper (pathToCLI) {
     core.error(`Unable to copy ${source} to ${target}.`);
     throw e;
   }
-
-  // Export a new environment variable, so our wrapper can locate the binary
-  core.exportVariable('TERRAFORM_CLI_PATH', pathToCLI);
 }
 
 // Add credentials to CLI Configuration File
@@ -157,14 +174,24 @@ async function run () {
       throw new Error(`Terraform version ${version} not available for ${platform} and ${arch}`);
     }
 
-    // Download requested version
-    const pathToCLI = await downloadCLI(build.url);
+    // Check cache for requested version, then download if not present
+    let pathToCLI = tc.find(CACHE_KEY, release.version, os.arch());
+
+    // Check to see if wrapper has been installed in a previous run
+    const hasWrapper = pathToCLI && checkWrapper(pathToCLI);
+
+    if (!pathToCLI) {
+      pathToCLI = await downloadCLI(build.url, release.version);
+    }
 
     // Install our wrapper
-    if (wrapper) {
+    if (wrapper && !hasWrapper) {
       await installWrapper(pathToCLI);
     }
 
+    // Export a new environment variable, so our wrapper can locate the binary
+    core.exportVariable('TERRAFORM_CLI_PATH', pathToCLI);
+
     // Add to path
     core.addPath(pathToCLI);
 
diff --git a/lib/setup-terraform.js b/lib/setup-terraform.js
index 87e7575..5658da7 100644
--- a/lib/setup-terraform.js
+++ b/lib/setup-terraform.js
@@ -15,6 +15,9 @@ const tc = require('@actions/tool-cache');
 const io = require('@actions/io');
 const releases = require('@hashicorp/js-releases');
 
+// Constants
+const CACHE_KEY = 'terraform';
+
 // arch in [arm, x32, x64...] (https://nodejs.org/api/os.html#os_os_arch)
 // return value in [amd64, 386, arm]
 function mapArch (arch) {
@@ -34,7 +37,7 @@ function mapOS (os) {
   return mappings[os] || os;
 }
 
-async function downloadCLI (url) {
+async function downloadCLI (url, version) {
   core.debug(`Downloading Terraform CLI from ${url}`);
   const pathToCLIZip = await tc.downloadTool(url);
 
@@ -57,7 +60,24 @@ async function downloadCLI (url) {
     throw new Error(`Unable to download Terraform from ${url}`);
   }
 
-  return pathToCLI;
+  // Cache for later
+  const cachedPath = await tc.cacheDir(pathToCLI, CACHE_KEY, version);
+  return cachedPath;
+}
+
+async function checkWrapper (pathToCLI) {
+  const exeSuffix = os.platform().startsWith('win') ? '.exe' : '';
+  const target = [pathToCLI, `terraform-bin${exeSuffix}`].join(path.sep);
+
+  core.debug('Checking for existing wrapper');
+
+  const hasWrapper = io.which(target);
+
+  if (hasWrapper) {
+    core.debug('Wrapper found, skipping creation.');
+  }
+
+  return hasWrapper;
 }
 
 async function installWrapper (pathToCLI) {
@@ -87,9 +107,6 @@ async function installWrapper (pathToCLI) {
     core.error(`Unable to copy ${source} to ${target}.`);
     throw e;
   }
-
-  // Export a new environment variable, so our wrapper can locate the binary
-  core.exportVariable('TERRAFORM_CLI_PATH', pathToCLI);
 }
 
 // Add credentials to CLI Configuration File
@@ -151,14 +168,24 @@ async function run () {
       throw new Error(`Terraform version ${version} not available for ${platform} and ${arch}`);
     }
 
-    // Download requested version
-    const pathToCLI = await downloadCLI(build.url);
+    // Check cache for requested version, then download if not present
+    let pathToCLI = tc.find(CACHE_KEY, release.version, os.arch());
+
+    // Check to see if wrapper has been installed in a previous run
+    const hasWrapper = pathToCLI && checkWrapper(pathToCLI);
+
+    if (!pathToCLI) {
+      pathToCLI = await downloadCLI(build.url, release.version);
+    }
 
     // Install our wrapper
-    if (wrapper) {
+    if (wrapper && !hasWrapper) {
       await installWrapper(pathToCLI);
     }
 
+    // Export a new environment variable, so our wrapper can locate the binary
+    core.exportVariable('TERRAFORM_CLI_PATH', pathToCLI);
+
     // Add to path
     core.addPath(pathToCLI);
 
diff --git a/test/setup-terraform.test.js b/test/setup-terraform.test.js
index 57cda0f..05f3715 100644
--- a/test/setup-terraform.test.js
+++ b/test/setup-terraform.test.js
@@ -571,6 +571,13 @@ describe('Setup Terraform', () => {
       .fn()
       .mockReturnValueOnce('file');
 
+    tc.cacheDir = jest.fn()
+      .mockReturnValueOnce('file');
+
+    tc.find = jest
+      .fn()
+      .mockReturnValueOnce(null);
+
     os.platform = jest
       .fn()
       .mockReturnValue('linux');
@@ -615,6 +622,13 @@ describe('Setup Terraform', () => {
       .fn()
       .mockReturnValueOnce('file');
 
+    tc.cacheDir = jest.fn()
+      .mockReturnValueOnce('file');
+
+    tc.find = jest
+      .fn()
+      .mockReturnValueOnce(null);
+
     os.platform = jest
       .fn()
       .mockReturnValue('win32');