The psychopathic traits boldness, meanness, and disinhibition are theorized to be underlined by trait fearlessness and externalizing vulnerability as etiologic neurobiological processes. However, little is known about the neurophysiological correlates of these traits. In this work, we explored how the three traits are associated with event-related potential (ERP) components targeted at the etiological processes in a partial delayed threat conditioning task and in a go/no-go task. Fifty community-dwelling volunteers (25 women), without history of neurological or psychiatric conditions, were recruited and assessed for psychopathic traits using the triarchic psychopathy measure. Participants performed a threat conditioning task, and a go/no-go task while undergoing an electroencephalography recording. Results from the threat conditioning task showed that boldness was significantly associated with reduced late positive potential. Concerning the go/no-go task, disinhibition was significantly associated with reduced error-related negativity ERP component. Overall, distinct psychopathic traits were found to be associated with distinct neurophysiological correlates of threat conditioning and response inhibition. This is consistent with models of psychopathy entailing trait fearlessness and externalizing proneness, and related brain mechanisms, as distinct processes underlying the expression of psychopathic traits.