In this paper I aim at examining the use of model-based reasoning for the evaluation of particular explanatory theories: Conspiracy Theories. In the first part of the paper I will take into account the epistemological relevance of Conspiracy Theories: I will discuss their explanatory reach and I will propose that they give their believers the illusion of understanding complex socio-political phenomena. In the second part of the paper I will examine two traditional questions regarding Conspiracy Theories brought forward by the epistemological literature: can Conspiracy Theories ever describe possible conspiracies? Are they in principle non-credible? I will argue that these questions bring forward an epistemic and ontological paradox: if a Ma...