The effects of anxiety sensitivity and perceived control on emotional responding to a caffeine challenge were assessed in 72 subjects without a history of panic disorder. Subjects high and low in anxiety sensitivity (AS) were randomly assigned to either a perceived control (PC) or a no perceived control (NPC) instructional set. Compared to subjects low in AS, subjects high in AS displayed heightened emotional responding to the caffeine challenge. As predicted, high-AS subjects in the NPC condition displayed significantly greater emotional responding compared to high-AS subjects in the PC condition. In contrast, low AS subjects' emotional response to caffeine was not affected by the perceived control manipulation. Consistent with recent psychological formulations of panic, the present findings suggest that a fear of arousal (i.e., anxiety sensitivity) exerts a significant effect on emotional responding. Moreover, for those who display high anxiety sensitivity, greater emotional responding occurs when perceived control over arousal is low.