Since the 2016 U.S. presidential election, the term "fake news" has become increasingly prevalent in public discourse. Regardless of whether fake news affected the election outcome, numerous people have worried about the possible adverse impact of fake news on individuals and on society. Using three related theoretical frameworks regarding people's perception about media effects---the third-person effect, the second-person effect, and the influence of presumed influence---this study examines people's perception of the effects of fake news on themselves and others, what leads to this perception, and the way people act on it. Findings from two different data sets---a secondary analysis and an online survey---provide strong evidence for the third-person perception of fake news. The study revealed that individuals' perceived confidence in their ability---such as their internal political efficacy and their perceived ability to recognize fake news---serves as an antecedent of both the perceived influence of fake news on oneself and others and on the third-person perception of fake news. This study also found that these perceptions lead to several likely behaviors, including support for fake news regulation, information sharing on social media, and social media withdrawal. The results indicate that people's perception of their own political competence has a meaningful effect on their perceptions of how fake news affects themselves and others. Further, these perceptions of self and others were found to have distinct implications for individuals' behaviors related to fake news.