I figured it out. I needed to do this:
var Handlebars = require('handlebars/runtime')['default'];
One what's really cool is, this even works in the browser with Browserify.
However, I found that an even better way (and probably the "correct" way) is to precompile Handlebars templates via (shell command):
handlebars ./templates/ -c handlebars -f templates.js
Then I do this:
var Handlebars = require('handlebars');
require('./templates');
require('./helpers/logic');
module.exports.something = function() {
...
template = Handlebars.templates['template_name_here'];
...
};