diff --git a/fp/_baseConvert.js b/fp/_baseConvert.js
index 6ebd71622..9b2db001f 100644
--- a/fp/_baseConvert.js
+++ b/fp/_baseConvert.js
@@ -152,15 +152,15 @@ function baseConvert(util, name, func, options) {
     'iteratee': function(iteratee) {
       return function() {
         var func = arguments[0],
-            arity = arguments[1];
+            arity = arguments[1],
+            result = iteratee(func, arity),
+            length = result.length;
 
-        if (!config.cap) {
-          return iteratee(func, arity);
+        if (config.cap && typeof arity == 'number') {
+          arity = arity > 2 ? (arity - 2) : 1;
+          return (length && length <= arity) ? result : baseAry(result, arity);
         }
-        arity = arity > 2 ? (arity - 2) : 1;
-        func = iteratee(func);
-        var length = func.length;
-        return (length && length <= arity) ? func : baseAry(func, arity);
+        return result;
       };
     },
     'mixin': function(mixin) {
diff --git a/lodash.js b/lodash.js
index fb042312d..51b4ad7f3 100644
--- a/lodash.js
+++ b/lodash.js
@@ -11684,7 +11684,7 @@
      * // => { 'b': '2' }
      */
     function omitBy(object, predicate) {
-      predicate = getIteratee(predicate, 2);
+      predicate = getIteratee(predicate);
       return basePickBy(object, function(value, key) {
         return !predicate(value, key);
       });
@@ -11729,7 +11729,7 @@
      * // => { 'a': 1, 'c': 3 }
      */
     function pickBy(object, predicate) {
-      return object == null ? {} : basePickBy(object, getIteratee(predicate, 2));
+      return object == null ? {} : basePickBy(object, getIteratee(predicate));
     }
 
     /**
diff --git a/test/test-fp.js b/test/test-fp.js
index 5ae7f525b..3b6f72b4f 100644
--- a/test/test-fp.js
+++ b/test/test-fp.js
@@ -1173,6 +1173,27 @@
 
   /*--------------------------------------------------------------------------*/
 
+  QUnit.module('fp.omitBy and fp.pickBy');
+
+  _.each(['omitBy', 'pickBy'], function(methodName) {
+    var func = fp[methodName];
+
+    QUnit.test('`fp.' + methodName + '` should provide `value` and `key` to `iteratee`', function(assert) {
+      assert.expect(1);
+
+      var args,
+          object = { 'a': 1 };
+
+      func(function() {
+        args || (args = slice.call(arguments));
+      })(object);
+
+      assert.deepEqual(args, [1, 'a']);
+    });
+  });
+
+  /*--------------------------------------------------------------------------*/
+
   QUnit.module('fp.partial and fp.partialRight');
 
   _.each(['partial', 'partialRight'], function(methodName) {