diff --git a/Cargo.lock b/Cargo.lock
index 2b69bd0228762..9e8685163c1b1 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1910,23 +1910,11 @@ dependencies = [
  "atty",
  "bitflags",
  "strsim 0.8.0",
- "textwrap 0.11.0",
+ "textwrap",
  "unicode-width",
  "vec_map",
 ]
 
-[[package]]
-name = "clap"
-version = "3.2.23"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "71655c45cb9845d3270c9d6df84ebe72b4dad3c2ba3f7023ad47c144e4e473a5"
-dependencies = [
- "bitflags",
- "clap_lex 0.2.4",
- "indexmap",
- "textwrap 0.16.0",
-]
-
 [[package]]
 name = "clap"
 version = "4.1.14"
@@ -1955,7 +1943,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "351f9ad9688141ed83dfd8f5fb998a06225ef444b48ff4dc43de6d409b7fd10b"
 dependencies = [
  "bitflags",
- "clap_lex 0.4.1",
+ "clap_lex",
  "is-terminal",
  "strsim 0.10.0",
  "termcolor",
@@ -1983,15 +1971,6 @@ dependencies = [
  "syn 2.0.10",
 ]
 
-[[package]]
-name = "clap_lex"
-version = "0.2.4"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "2850f2f5a82cbf437dd5af4d49848fbdfc27c157c3d010345776f952765261c5"
-dependencies = [
- "os_str_bytes",
-]
-
 [[package]]
 name = "clap_lex"
 version = "0.4.1"
@@ -2268,20 +2247,20 @@ dependencies = [
 
 [[package]]
 name = "criterion"
-version = "0.4.0"
+version = "0.5.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e7c76e09c1aae2bc52b3d2f29e13c6572553b30c4aa1b8a49fd70de6412654cb"
+checksum = "9f9c16c823fba76d9643cc387e9677d9771abe0827561381815215c47f808da9"
 dependencies = [
  "anes",
- "atty",
  "cast",
  "ciborium",
- "clap 3.2.23",
+ "clap 4.1.14",
  "criterion-plot",
  "futures 0.3.28",
+ "is-terminal",
  "itertools",
- "lazy_static",
  "num-traits",
+ "once_cell",
  "oorandom",
  "plotters",
  "rayon",
@@ -5743,12 +5722,6 @@ dependencies = [
  "winapi",
 ]
 
-[[package]]
-name = "os_str_bytes"
-version = "6.4.1"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9b7820b9daea5457c9f21c69448905d723fbd21136ccf521748f23fd49e723ee"
-
 [[package]]
 name = "outref"
 version = "0.5.1"
@@ -8158,12 +8131,6 @@ dependencies = [
  "unicode-width",
 ]
 
-[[package]]
-name = "textwrap"
-version = "0.16.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "222a222a5bfe1bba4a77b45ec488a741b3cb8872e5e499451fd7d0129c9c7c3d"
-
 [[package]]
 name = "thiserror"
 version = "1.0.40"
diff --git a/Cargo.toml b/Cargo.toml
index 30dea96e76dfa..db4de327b25b5 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -344,7 +344,7 @@ azure_identity = { git = "https://github.com/Azure/azure-sdk-for-rust.git", rev
 azure_storage_blobs = { git = "https://github.com/Azure/azure-sdk-for-rust.git", rev = "b4544d4920fa3064eb921340054cd9cc130b7664", default-features = false, features = ["azurite_workaround"] }
 azure_storage = { git = "https://github.com/Azure/azure-sdk-for-rust.git", rev = "b4544d4920fa3064eb921340054cd9cc130b7664", default-features = false, features = ["azurite_workaround"] }
 base64 = "0.21.1"
-criterion = { version = "0.4.0", features = ["html_reports", "async_tokio"] }
+criterion = { version = "0.5.0", features = ["html_reports", "async_tokio"] }
 itertools = { version = "0.10.5", default-features = false }
 libc = "0.2.144"
 similar-asserts = "1.4.2"
diff --git a/lib/dnsmsg-parser/Cargo.toml b/lib/dnsmsg-parser/Cargo.toml
index bf62684808c3a..e6ba28689e1aa 100644
--- a/lib/dnsmsg-parser/Cargo.toml
+++ b/lib/dnsmsg-parser/Cargo.toml
@@ -12,7 +12,7 @@ thiserror = "1.0"
 trust-dns-proto = { version = "0.22", features = ["dnssec"] }
 
 [dev-dependencies]
-criterion = "0.4"
+criterion = "0.5"
 
 [lib]
 bench = false
diff --git a/lib/file-source/Cargo.toml b/lib/file-source/Cargo.toml
index 9a2329b8a9e18..3057ea20e726a 100644
--- a/lib/file-source/Cargo.toml
+++ b/lib/file-source/Cargo.toml
@@ -74,7 +74,7 @@ default-features = false
 features = ["full"]
 
 [dev-dependencies]
-criterion = "0.4"
+criterion = "0.5"
 quickcheck = "1"
 tempfile = "3.5.0"
 similar-asserts = "1.4.2"
diff --git a/lib/tracing-limit/Cargo.toml b/lib/tracing-limit/Cargo.toml
index ab5c634ff7ce3..48c0bf0762a98 100644
--- a/lib/tracing-limit/Cargo.toml
+++ b/lib/tracing-limit/Cargo.toml
@@ -12,7 +12,7 @@ tracing-subscriber = { version = "0.3", default-features = false, features = ["r
 dashmap = { version = "5.2.0", default-features = false }
 
 [dev-dependencies]
-criterion = "0.4"
+criterion = "0.5"
 tracing = "0.1.34"
 mock_instant = { version = "0.3" }
 tracing-subscriber = { version = "0.3.17", default-features = false, features = ["env-filter", "fmt"] }
diff --git a/lib/vector-buffers/Cargo.toml b/lib/vector-buffers/Cargo.toml
index f105b82a47401..2998eb56b5cbb 100644
--- a/lib/vector-buffers/Cargo.toml
+++ b/lib/vector-buffers/Cargo.toml
@@ -33,7 +33,7 @@ vector-common = { path = "../vector-common", default-features = false, features
 
 [dev-dependencies]
 clap = "4.1.14"
-criterion = { version = "0.4", features = ["html_reports", "async_tokio"] }
+criterion = { version = "0.5", features = ["html_reports", "async_tokio"] }
 crossbeam-queue = "0.3.8"
 hdrhistogram = "7.5.2"
 metrics-tracing-context = { version = "0.14.0", default-features = false }
diff --git a/lib/vector-core/Cargo.toml b/lib/vector-core/Cargo.toml
index 7140ff58ec49d..29443a81e9e5c 100644
--- a/lib/vector-core/Cargo.toml
+++ b/lib/vector-core/Cargo.toml
@@ -79,7 +79,7 @@ prost-build = "0.11"
 [dev-dependencies]
 base64 = "0.21.1"
 chrono-tz = { version = "0.8.2", default-features = false }
-criterion = { version = "0.4.0", features = ["html_reports"] }
+criterion = { version = "0.5.0", features = ["html_reports"] }
 env-test-util = "1.0.1"
 quickcheck = "1"
 quickcheck_macros = "1"