This article systematically assesses whether open political competition ends the coup trap. We use an original data set of coup reports, electoral competition, and socioeconomic data spanning the 20th century in 18 Latin American countries. Our models, which are robust to multiple-comparison tests, generate support for a central claim: While recent experience with military coups increases the risk of incumbents being overthrown, the establishment of open political competition ends cycles of political instability. The risk of being overthrown consequently declines with time for presidents in noncompetitive systems, but remains stable—and, on average, substantially lower—in competitive polities. Coups do not vary with levels of development or of inequality, economic growth rates, or the legislative powers of the presidency.