Abstract Reliabilism—the view that a belief is justified iff it is produced by a reliable process—is often characterized as a form of consequentialism. Recently, critics of reliabilism have suggested that since it is a form of consequentialism, reliabilism condones a variety of problematic trade-offs involving cases where someone forms an epistemically deficient belief now that will lead her to more epistemic value later. In the present paper, we argue that the relevant argument against reliabilism fails because it equivocates. While there is a sense in which reliabilism is a kind of consequentialism, it is not of a kind on which we should expect problematic trade-offs.