Individuals with elevated psychopathic traits exhibit decision-making deficits linked to a failure to learn from negative outcomes. We investigated how reduced pain sensitivity affects reinforcement-based decision-making in individuals with varying levels of psychopathic traits, as measured by the Self-Report Psychopathy Scale-Short Form. Using computational modelling, we estimated the latent cognitive processes in a community non-offender sample (n = 111) that completed a task with choices leading to painful and non-painful outcomes. Higher psychopathic traits were associated with reduced pain sensitivity and disturbances in reinforcement learning from painful outcomes. In a Structural Equation Model, a superordinate psychopathy factor was associated with a faster return to original stimulus-outcome associations as pain tolerance increased. This provides evidence directly linking reduced pain sensitivity and learning from painful outcomes with elevated psychopathic traits. Our results offer insights into the computational mechanisms of maladaptive decision-making in psychopathy and antisocial behavior.