We present a puzzle about knowledge, probability and conditionals. We show that in certain cases some basic and plausible principles governing our reasoning come into conflict. In particular, we show that there is a simple argument that a person may be in a position to know a conditional the consequent of which has a low probability conditional on its antecedent, contra Adams’ Thesis. We suggest that the puzzle motivates a very strong restriction on the inference of a conditional from a disjunction