We analyze the effect of cross-talk noise on the performance of free-space optical interconnects (FSOIs). In addition to diffraction-caused cross talk, we consider the effect of stray-light cross-talk noise, an issue that, to the best of our knowledge, was not addressed previously. Simulations were performed on a microlens-based FSOI system using the modal composition and beam profiles experimentally extracted from a commercial vertical-cavity surface-emitting laser. We demonstrate that this cross-talk noise introduces significant degradation to interconnect performance, particularly for multitransverse-mode laser sources. A simple behavioral model is also developed that accurately approximates the cross talk noise for a range of optical sources and interconnect configurations.