Why does belief in the paranormal, conspiracy theories, and various other phenomena that are not backed up by evidence remain widespread in modern society? In the present research we adopt an individual difference approach, as we seek to identify psychological precursors of skepticism toward unfounded beliefs. We propose that part of the reason why unfounded beliefs are so widespread is because skepticism requires both sufficient analytic skills, and the motivation to form beliefs on rational grounds. In Study 1 we show that analytic thinking is associated with a lower inclination to believe various conspiracy theories, and paranormal phenomena, but only among individuals who strongly value epistemic rationality. We replicate this effect on paranormal belief, but not conspiracy beliefs, in Study 2. We also provide evidence suggesting that general cognitive ability, rather than analytic cognitive style, is the underlying facet of analytic thinking that is responsible for these effects.