Paranoid ideation underlies numerous psychological disorders and has debilitating effects on daily life. Deficits in neurocognition are highlighted as a contributing factor to paranoid-related disorders, but the impact on the symptom-level experience of paranoid ideation is unclear. This study aimed to employ a dimensional approach to understand the association between neurocognition and the severity and presence of paranoid ideation. 400 participants, representative of the general population of the USA, completed an online questionnaire consisting of the Brief Symptom Inventory-53, and demographic and clinical questions. The participants then completed four computerised neurocognitive tasks measuring working memory, shifting, inhibition, and speed of processing. Speed of processing accounted for unique variance in the severity of paranoid ideation with a small effect size, after controlling for covariates. Working memory, shifting, and inhibition could not uniquely or collectively, account for paranoid ideation. Neurocognitive performance could not distinguish between individuals with and without paranoid ideation experiences. This research supports the body of literature that speed of information processing may be a key feature of paranoid ideation. Future research should employ non-linear dynamic methods to better understand the potential interactions between neurocognitive components and how this may relate to paranoid ideation.