diff --git a/CHANGELOG.md b/CHANGELOG.md
index e1612ba..1e30d1a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,6 +8,7 @@ FEATURES:
 IMPROVEMENTS:
 
   - Clean up base boxes files after they've been configured, resulting in smaller packages
+  - Bump development dependency to Vagrant 1.2+ series
 
 ## [0.3.3](https://github.com/fgrehm/vagrant-lxc/compare/v0.3.2...v0.3.3) (April 23, 2013)
 
diff --git a/Gemfile b/Gemfile
index f8e8dfa..3444180 100644
--- a/Gemfile
+++ b/Gemfile
@@ -3,10 +3,8 @@ source 'https://rubygems.org'
 gemspec
 
 group :development do
-  # We depend on Vagrant for development, but we don't add it as a
-  # gem dependency because we expect to be installed within the
-  # Vagrant environment itself using `vagrant plugin`.
-  gem 'vagrant', git: 'https://github.com/mitchellh/vagrant.git', tag: 'v1.1.5'
+  # TODO: Lock to 1.2.3 once it is out with this fix: https://github.com/mitchellh/vagrant/pull/1685
+  gem 'vagrant', git: 'https://github.com/mitchellh/vagrant.git'
   gem 'guard'
   gem 'guard-rspec'
   gem 'guard-bundler'
diff --git a/Gemfile.lock b/Gemfile.lock
index a209c86..db7a157 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -1,9 +1,8 @@
 GIT
   remote: https://github.com/mitchellh/vagrant.git
-  revision: 64e360814c3ad960d810456add977fd4c7d47ce6
-  tag: v1.1.5
+  revision: ccfd321ef98dc5c12b180cc3a26f12d870c0eff5
   specs:
-    vagrant (1.1.5)
+    vagrant (1.2.3.dev)
       childprocess (~> 0.3.7)
       erubis (~> 2.7.0)
       i18n (~> 0.6.0)
@@ -24,19 +23,19 @@ GEM
       ffi (~> 1.0, >= 1.0.11)
     coderay (1.0.9)
     colorize (0.5.8)
-    coveralls (0.6.5)
+    coveralls (0.6.7)
       colorize
       multi_json (~> 1.3)
       rest-client
       simplecov (>= 0.7)
       thor
-    diff-lcs (1.2.2)
+    diff-lcs (1.2.4)
     erubis (2.7.0)
-    ffi (1.6.0)
+    ffi (1.8.1)
     formatador (0.2.4)
-    guard (1.7.0)
+    guard (1.8.0)
       formatador (>= 0.2.4)
-      listen (>= 0.6.0)
+      listen (>= 1.0.0)
       lumberjack (>= 1.0.2)
       pry (>= 0.9.10)
       thor (>= 0.14.6)
@@ -45,27 +44,33 @@ GEM
       guard (~> 1.1)
     guard-ctags-bundler (0.1.6)
       guard (>= 1.1)
-    guard-rspec (2.5.2)
-      guard (>= 1.1)
-      rspec (~> 2.11)
+    guard-rspec (2.6.0)
+      guard (>= 1.8)
+      rspec (~> 2.13)
     i18n (0.6.4)
     json (1.7.7)
-    listen (0.7.3)
+    listen (1.0.3)
+      rb-fsevent (>= 0.9.3)
+      rb-inotify (>= 0.9)
+      rb-kqueue (>= 0.2)
     log4r (1.1.10)
     lumberjack (1.0.3)
     method_source (0.8.1)
-    mime-types (1.22)
-    multi_json (1.7.2)
+    mime-types (1.23)
+    multi_json (1.7.3)
     net-scp (1.1.0)
       net-ssh (>= 2.6.5)
-    net-ssh (2.6.6)
-    pry (0.9.12)
+    net-ssh (2.6.7)
+    pry (0.9.12.1)
       coderay (~> 1.0.5)
       method_source (~> 0.8)
       slop (~> 3.4)
     rake (10.0.4)
+    rb-fsevent (0.9.3)
     rb-inotify (0.9.0)
       ffi (>= 0.5.0)
+    rb-kqueue (0.2.0)
+      ffi (>= 0.5.0)
     rest-client (1.6.7)
       mime-types (>= 1.16)
     rspec (2.13.0)
@@ -77,7 +82,7 @@ GEM
       diff-lcs (>= 1.1.3, < 2.0)
     rspec-fire (1.1.3)
       rspec (~> 2.11)
-    rspec-mocks (2.13.0)
+    rspec-mocks (2.13.1)
     rspec-spies (2.1.4)
       rspec (~> 2.0)
     simplecov (0.7.1)