As hallucinations occur in the absence of an external stimulus, they constitute an intriguing model for how percepts are generated and for how perception can fail. This study explores whether hallucination proneness is linked to an altered perception of speech-related acoustic features. Involving 320 healthy adults with varying predispositions for hallucinations, participants evaluated ambiguous sound textures for their speech-likeness. Psychophysical reverse correlation revealed that higher hallucination proneness was associated with reduced weighting of speech-typical low-frequency acoustic energy. Temporal modulation discrimination capabilities were unrelated to hallucination proneness in a subset of 41 participants. Confidence judgments in individual trials were influenced by both acoustic evidence and individual hallucination proneness and schizotypy scores. Overall, these findings suggest that hallucination-prone individuals exhibit qualitative and quantitative changes in their perception of speech-relevant modulations, supporting the notion of altered perceptual priors and differential weighting of sensory evidence.