We used an air-breathing catfish, Clarias gariepinus, to investigate the hypothesis that individual variation in metabolic rate, and the propensity to take risks to obtain a resource (oxygen from air), would be correlated with behavioural tendencies such as boldness, activity level and exploratory behaviour. The standard metabolic rate (SMR) of 58 juvenile catfish was positively correlated with their rates of aerial respiration in daylight when surfacing was inherently risky. SMR was positively correlated with boldness measured in two contexts, namely the time-lag to resume air-breathing in a potentially dangerous environment (T-res, measured in a respirometer), and the time-lag to enter the centre of a novel environment (T-centre, measured in an open field test (OFT)). These two measures of boldness were very highly correlated. Thus, these data support the hypothesis that high SMR and an associated tendency to take risks to acquire resources are linked to increased boldness in animals. Individual SMR was positively correlated with the proportion of time the fish spent moving in the OFT, but was negatively correlated with movement speed. The data confirmed previous observations that these catfish may exhibit a bimodal distribution of T-res phenotypes, whereby individuals either resumed air-breathing relatively rapidly (< 85 min, bold n = 26) or more slowly (> 115 min, shy n = 31) after a startle stimulus. Bold T-res phenotypes had significantly higher SMR than shy; breathed more air during the day, and showed greater boldness but less activity and exploration in the OFT. No parallel bold/shy dichotomy was observed, however, in any measure of boldness in the OFT. Therefore, the data support propositions regarding how SMR and risk-taking should relate to boldness, but provide mixed results about how SMR relates to activity and exploration, and whether bold/shy is a dichotomy or spectrum.