An organism's ability to learn about and respond to stimuli in its environment is crucial for survival, which can involve learning simple associations such as learning what stimuli predict danger. However, individuals must also be able to use contextual information to adapt to changing environmental demands. While the circuitry that supports fear conditioning has been extensively studied, the circuitry that allows individuals to regulate fear under different circumstance is less well understood. A view of ventromedial prefrontal cortex (vmPFC) function has emerged wherein the prelimbic region of the vmPFC supports fear expression, while the infralimbic region supports fear inhibition. However, despite a rich literature exploring the role of these regions in appetitive learning and memory suggesting a more nuanced function, there has been little integration of this literature with studies of the vmPFC in fear learning. In this review, we argue that the function of the vmPFC in fear learning is not restricted to fear inhibition versus expression per se. Instead, the vmPFC uses contextual information to guide behavior, particularly in situations of ambiguity or conflict.