Inhibitory control, the ability to stop or prevent an action, is of relevance to disorders marked by increased disinhibition and impulsivity, including some facets of psychopathy. Because aspects of cognitive control (including inhibitory control) and emotion are theorized to compete for processing resources, emotional conditions may exacerbate aggressive, impulsive, and potentially harmful behaviors. The present study examined relationships between specific facets of psychopathy and inhibitory control in the context of positive, negative, and neutral emotional stimuli in a community sample using event-related potentials during an emotional-linguistic Go/No-Go task. Results indicated distinct cognition-emotion interactions for each facet of psychopathy. High scorers on the interpersonal facet exhibited decreased inhibitory processing in the presence of emotional stimuli, and decreased emotional processing in the presence of inhibitory demands, suggesting reciprocal interference between cognition and emotion. Higher scores on the callous affect facet were associated with lower emotion and inhibition processing, except when stimuli were most engaging (emotional No-Go trials). Higher lifestyle facet scores related to reciprocal facilitation between inhibition and emotion processing. Finally, higher scores on the antisocial facet were associated with poorer behavioral inhibition overall. Results provide novel evidence for interactions between affective processing and cognitive control among individuals high on distinct psychopathic traits.