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Reciprocity is a fundamental element in social interactions and implies an adequate response to the previous actions of our interactant. It is thus crucial to detect if a person is cooperating, deceiving, or cheating, to properly respond. However, older adults have been shown to have a lower ability to detect reciprocity compared to younger adults, partially tying this decline to cognitive functions. Another likely association to reciprocity in literature is made with personality dispositions, i.e., agreeableness, altruism, and empathic concern, and Theory of Mind (ToM). Consequently, the present study investigated age-related differences in the detection of the different components of reciprocity, as well as examined the predictors of reciprocity, such as cognitive measures, personality dispositions, and true and false beliefs in young (n = 98; 20–39 years), middle-aged (n = 106; 40–64 years), and older adults (n = 103; 65–96 years). The Mind Picture Story-Theory of Mind Questionnaire was used to measure the reciprocity components and true and false beliefs in each group. This study reported a significant decline in reciprocity detection from adults aged 65 years old and over. Additionally, the ability to detect reciprocity was significantly linked to cognitive functioning and ToM across all age groups, especially in older adults. [ABSTRACT FROM AUTHOR]