We suggest a normative model for the evaluation of explanations B because A based on probabilistic conditional reasoning and compare it with empirical data. According to the modus ponens model of explanations, the probability of B because A should equal the joint probability of the conditional if A then B and the explanans A. We argue that B because A expresses the conjunction of A and B as well as positive relevance of A for B. In Study 1, participants (N = 80) judged the subjective probabilities of 20 sets of statements with a focus on belief-based reasoning under uncertainty. In Study 2, participants (N = 376) were assigned to one of six item sets for which we varied the inferential relevance of A for B to explore boundary conditions of our model. We assessed the performance of our model across a range of analyses and report results on the Equation, a fundamental model in research on probabilistic reasoning concerning the evaluation of conditionals. In both studies, results indicate that participants' belief in statements B because A followed model predictions systematically. However, a sizeable proportion of sets of beliefs contained at least one incoherence, indicating deviations from the norms of rationality suggested by our model. In addition, results of Study 2 lend support to the idea that inferential relevance may be relevant for the evaluation of both conditionals and explanations.