Explore-exploit research has challenges in generalizability due to a limited theoretical basis of exploration and exploitation. Neuroimaging can help identify whether explore-exploit decisions use an opponent processing system to address this issue. Thus, we conducted a coordinate-based meta-analysis (N=23 studies) where we found activation in the dorsal lateral prefrontal cortex and anterior cingulate cortex during exploration versus exploitation, providing some evidence for opponent processing. However, the conjunction of explore-exploit decisions was associated with activation in the dorsal anterior cingulate cortex, dorsal medial prefrontal cortex, and anterior insula, suggesting that these brain regions do not engage in opponent processing. Further, exploratory analyses revealed heterogeneity in brain responses between task types during exploration and exploitation respectively. Coupled with results suggesting that activation in exploration and exploitation decisions is generally more similar than it is different suggests there remain significant challenges toward characterizing explore-exploit decision making. Nonetheless, dlPFC and ACC activation differentiate explore and exploit decisions and identifying these responses can help in targeted interventions aimed at manipulating these decisions.