Heart rate and respiration rate were recorded with a portable data recording system before and during a parachute jump in 36 male sport parachutists with differing degrees of experience. The recordings were analyzed at 12 psychologically relevant points in time along with the subjective ratings of physical arousal. Novice parachutists showed a higher degree of self-rated arousal during jumps. However, the two groups displayed nearly parallel curves for heart and respiration rates, differing significantly from each other only in the level of their respective heart rates. Furthermore, experienced jumpers seem to be better informed about their state of physiological arousal during the jump than are novice jumpers. These results do not confirm the proposed anxiety inhibition process, postulated by Epstein (1967).