diff --git a/changelog/unreleased/pull-3951 b/changelog/unreleased/pull-3951
new file mode 100644
index 000000000..db63b0b97
--- /dev/null
+++ b/changelog/unreleased/pull-3951
@@ -0,0 +1,6 @@
+Bugfix: `ls` returns exit code 1 if snapshot cannot be loaded
+
+If the `ls` command failed to load a snapshot, it only printed a warning and
+returned exit code 0. This has been changed to return exit code 1 instead.
+
+https://github.com/restic/restic/pull/3951