Electrodermal response modulation (ERM) reflects the reduction in skin conductance response to an aversive stimulus that is temporally predictable relative to when it is unpredictable. Poor ERM is associated with substance dependence (SD). It was hypothesized that ERM is a putative biomarker for SD rather than for externalizing disorders generally. Participants included 83 controls (no SD, antisocial personality disorder [PD] or borderline PD), 52 participants with SD only (SD and no PD), 12 with PD only (antisocial and/or borderline PD and no SD), and 35 comorbid (having SD and PD). Diagnoses at definite and probable certainty levels were used and were determined by semistructured clinical interviews. ERM was calculated from skin conductance responses to predictable and unpredictable 2-s 110-dB white noise blasts. As expected, the SD-only and comorbid groups had significantly lower ERM scores than the control group, which did not differ significantly from the PD-only group. Results provide preliminary evidence that ERM is a putative biomarker for SD. Future research should examine cognitive correlates of ERM in an effort to understand why it relates to SD.