A large body of research has been dedicated to examining the antecedents, determinants, and consequences of trauma exposure, particular among those who have served in the U.S. armed forces. Emerging research suggests that psychopathic traits may play a protective role. Yet, no known studies have examined the relationships between trauma exposure, components of psychopathy, posttraumatic symptoms, general mental health, and suicidal ideation. In addition, few studies directly compare military- and nonmilitary-experienced participants. Using propensity score matching, 114 participants (57 military and 57 civilian) were statistically matched based on age, race, and gender. Reported trauma exposure was associated with poorer general psychiatric functioning and increased posttraumatic stress disorder symptoms but was unrelated to historical suicidal ideation. Conversely, psychopathic traits were associated with improved psychiatric functioning and fewer posttraumatic stress disorder symptoms; however, certain facets of psychopathy (primarily those associated with meanness and disinhibition) were the most protective. Military status did not enhance the relationships between trauma exposure and adverse outcomes. Clinical implications, study limitations, and research initiatives aimed at better understanding the nuances of trauma-related responses and mental health are discussed. Identifying which risk and protective factors are unique (or not) to service members can inform the need for tailored interventions.