In real-world decision-making scenarios, negative consequences often occur after a delay, causing underestimation of these outcomes. This delay discounting of punishment can engender excessive reward seeking despite the prevalence of negative consequences, a pattern observed in substance use disorder as well as other disorders. While the neural substrates underlying sensitivity to immediate negative consequences have been well-studied, there has been minimal investigation of delayed consequences. Here, we assessed the role of lateral orbitofrontal cortex (LOFC) and basolateral amygdala (BLA), two regions implicated in cost/benefit decision-making, in sensitivity to delayed vs immediate punishment. The delayed punishment decision-making task (DPDT) was used to assess delay discounting of punishment in rodents. During DPDT, rats choose between a small, single pellet reward and a large, three pellet reward accompanied by a mild foot shock. As the task progresses, the shock is preceded by a delay that is systematically increases or decreases throughout the session. We observed that LOFC inactivation did not influence choice of large rewards associated with immediate punishment, but did decrease choice of delayed punishment, indicative of reduced delayed punishment discounting. We also found that BLA inactivation reduced choice of delayed punishment, but this was only evident when punishment was initially delivered immediately after a choice, then preceded by a delay as the task progressed. This indicates that both LOFC and BLA may serve as promising therapeutic targets to improve sensitivity to delayed punishment during decision-making.