Two conceptions of motivating reasons, i.e. the reasons for which we act, can be found in the literature: (1) the dominant 'psychological conception', which says that motivating reasons are an agent's believing something; and (2) the 'non-psychological' conception, the minority view, which says that they are what the agent believes, i.e. his beliefs. In this paper I outline a version of the minority view, and defend it against what have been thought to be insuperable difficulties - in particular, difficulties concerning 'error cases' (cases where what the agent believes is false); and difficulties concerning the explanation of action. Concerning error cases, I argue that if we are motivated by something believed that is true, what motivates us to act is a motivating reason. By contrast, if we are motivated by something believed that is false, then what motivates us to act is merely an apparent motivating reason. Either way, what motivates us is, as the non-psychological conception says, what we believe and not our believing it. I offer an account of the relation between motivating reasons and the explanation of action, and argue that this account helps bring out two important points. One is that the fact that we often do, and indeed sometimes must, use explanations such as 'He did it because he believed that p' does not vindicate the psychological conception of motivating reasons. The other is that endorsing the non-psychological conception of motivating reasons does not commit one to a non-factive view of explanations of action.