The exploration-exploitation trade-off shows conceptual, functional, and neural analogies with the persistence-flexibility trade-off. We investigated whether mood, which is known to modulate the persistence-flexibility balance, would similarly affect the exploration-exploitation trade-off in a foraging task. More specifically, we tested whether interindividual differences in foraging behavior can be predicted by mood-related arousal and valence. In 119 participants, we assessed mood-related interindividual differences in exploration-exploitation using a foraging task that included minimal task constraints to reduce paradigm-induced biases of individual control tendencies. We adopted the marginal value theorem as a model-based analysis approach, which approximates optimal foraging behavior by tackling the patch-leaving problem. To assess influences of mood on foraging, participants underwent either a positive or negative mood induction. Throughout the experiment, we assessed arousal and valence levels as predictors for explorative/exploitative behavior. Our mood manipulation affected participants' arousal and valence ratings as expected. Moreover, mood-related arousal was found to predict exploration while valence predicted exploitation, which only partly matched our expectations and thereby the proposed conceptual overlap with flexibility and persistence, respectively. The current study provides a first insight into how processes related to arousal and valence differentially modulate foraging behavior. Our results imply that the relationship between exploration-exploitation and flexibility-persistence is more complicated than the semantic overlap between these terms might suggest, thereby calling for further research on the functional, neural, and neurochemical underpinnings of both trade-offs.