Paranoia is the exaggerated belief that harm will occur and is intended by others. Although commonly framed in terms of attributing malicious intent to others, recent work has explored how paranoia also affects social decision-making, using economic games. Previous work found that paranoia is associated with decreased cooperation and increased punishment in the Dictator Game (where cooperating and punishing involve paying a cost to respectively increase or decrease a partner's income). These findings suggest that paranoia might be associated with variation in subjective reward from positive and/or negative social decision-making, a possibility we explore using a preregistered experiment with U.S.-based participants (n = 2,004). Paranoia was associated with increased self-reported enjoyment of negative social interactions and decreased self-reported enjoyment of prosocial interactions. More paranoid participants attributed stronger harmful intent to a partner. Harmful intent attributions and the enjoyment of negative social interactions positively predicted the tendency to pay to punish the partner. Cooperation was positively associated with the tendency to enjoy prosocial interactions and increased with participant age. There was no main effect of paranoia on tendency to cooperate in this setting. We discuss these findings in light of previous research. (PsycInfo Database Record (c) 2021 APA, all rights reserved).