diff --git a/pelican/settings.py b/pelican/settings.py
index 45957fd0..b4b50021 100644
--- a/pelican/settings.py
+++ b/pelican/settings.py
@@ -16,7 +16,11 @@ from pelican.paginator import PaginationRule
 
 
 def load_source(name: str, path: str) -> ModuleType:
+    if not os.path.isfile(path):
+        raise FileNotFoundError(f"Settings file not found: {path}")
     spec = importlib.util.spec_from_file_location(name, path)
+    if spec is None or spec.loader is None:
+        raise ImportError(f"Could not load settings file: {path}")
     mod = importlib.util.module_from_spec(spec)
     sys.modules[name] = mod
     spec.loader.exec_module(mod)
diff --git a/pelican/tests/test_settings.py b/pelican/tests/test_settings.py
index 54167e63..8cdd49c6 100644
--- a/pelican/tests/test_settings.py
+++ b/pelican/tests/test_settings.py
@@ -57,6 +57,12 @@ class TestSettingsConfiguration(unittest.TestCase):
         self.maxDiff = None
         self.assertDictEqual(settings, expected)
 
+    def test_read_settings_missing_file(self):
+        # A missing settings file should raise a clear FileNotFoundError
+        # rather than an obscure AttributeError from the import machinery.
+        missing = join(self.PATH, "does_not_exist")
+        self.assertRaises(FileNotFoundError, read_settings, missing)
+
     def test_settings_return_independent(self):
         # Make sure that the results from one settings call doesn't
         # effect past or future instances.