Dishonesty has received increased attention from many professionals in recent years for its relevance in many social areas such as finance and psychology, among others. Understanding the mechanisms underlying dishonesty and the channels in which dishonesty operates could enable the detection and even prevention of dishonest behavior. However, the study of dishonesty is a challenging endeavor; dishonesty is a complex behavior because it imposes a psychological and cognitive burden. The study of this burden has fostered a new research trend that focuses on cognition’s role in dishonesty. This paper reviews the theoretical aspects of how such cognitive processes modulate dishonest behavior. We will pay special attention to executive functions such as inhibitory processes, working memory, or set-shifting that may modulate the decision to be (dis)honest. We also account for some frameworks in cognitive and social psychology that may help understand dishonesty, such as the Theory of Mind, the role of creative processes, and discourse analyses within language studies. Finally, we will discuss some specific cognitive-based models that integrate cognitive mechanisms to explain dishonesty. We show that cognition and dishonest behavior are firmly related and that there are several important milestones to reach in the future to advance the understanding of dishonesty in our society.