How do we ensure adaptive and veridical perception in a continuously changing and often ambiguous sensory environment? The capacity to predict what should happen next and to minimize any mismatch between expected and actual sensory input is a central aspect of perception, including the perception of voices. Alterations in predictive processes, such as aberrant encoding of prediction errors, have been proposed to account for auditory verbal hallucinations, which exist on a continuum with normal experience. We will present behavioral and EEG studies that illustrate how alterations in the dynamic neurocognitive operations that take place when we predict, detect, and react to unexpected changes in voice stimuli may underlie phantom voice perception.