A number of studies have noted that dissociative symptoms (e.g., feelings of derealization, depersonalization, memory complaints, absorption) overlap with the tendency to report psychotic-like experiences (i.e., schizotypy). The question arises as to what may account for the shared variance between dissociation and schizotypy. The present study investigated whether fantasy proneness, cognitive failures, and childhood trauma may jointly explain the dissociation-schizotypy link. To this end, we administered the Dissociative Experiences Scale, the Schizotypal Personality Scale, the Creative Experiences Questionnaire, the Cognitive Failures Questionnaire, and the Childhood Trauma Questionnaire to a sample of undergraduates (N = 185). Fantasy proneness, cognitive failures, and childhood trauma together explained substantial part (58%) of the dissociation-schizotypy link. The present study succeeded in explaining a considerate part of the shared variance between dissociation and schizotypy.