Metacognition refers to thinking about thinking, and there has been a great deal of interest in how this ability manifests across primates. Based on much of the work to date, a tentative division has been drawn with New World monkeys on one side and Old World monkeys and apes on the other. Specifically, Old World monkeys, apes and humans often show patterns reflecting metacognition, but New World monkeys typically fail to do so, or show less convincing behavioral patterns. However, recent data suggests that this difference may relate to other aspects of some experimental tasks. For example, one possibility is that risk tolerance affects how capuchin monkeys, a New World primate species, tend to perform. Specifically, it has recently been argued that on tasks in which there are two or three options, the ‘risk’ of guessing is tolerable for capuchins since there is a high probability of being correct even if they ‘know they do not know’ or feel something akin to uncertainty. The current study investigated this possibility by manipulating the degree of risk (2-choices versus 6-choices) and found that capuchin monkeys used the uncertainty response more on 6-choice trials than on 2-choice trials. We also found that rate of reward does not appear to underlie these patterns of performance, and propose that the degree of risk is modulating the use of the uncertainty response in capuchin monkeys. Thus, the apparent differences between New and Old world monkeys in metacognition may reflect differences in risk tolerance rather than access to metacognitive states.