diff --git a/orm/model/ormtable/paginate.go b/orm/model/ormtable/paginate.go
index c14040796d81..56f30cf8fb04 100644
--- a/orm/model/ormtable/paginate.go
+++ b/orm/model/ormtable/paginate.go
@@ -55,18 +55,28 @@ func (it *paginationIterator) Next() bool {
 	if it.i >= it.done {
 		it.pageRes = &queryv1beta1.PageResponse{}
 		cursor := it.Cursor()
-		if it.Iterator.Next() {
+		next := it.Iterator.Next()
+		if next {
 			it.pageRes.NextKey = cursor
 			it.i++
 		}
 		if it.countTotal {
-			for {
-				if !it.Iterator.Next() {
-					it.pageRes.Total = uint64(it.i)
-					return false
+			// once it.Iterator.Next() returns false, another call to it will panic.
+			// we check next here to ensure we do not call it again.
+			if next {
+				for {
+					if !it.Iterator.Next() {
+						it.pageRes.Total = uint64(it.i)
+						return false
+					}
+					it.i++
 				}
-				it.i++
+			} else {
+				// when next is false, the iterator can no longer move forward,
+				// so the index == total entries.
+				it.pageRes.Total = uint64(it.i)
 			}
+
 		}
 		return false
 	}
diff --git a/orm/model/ormtable/table_test.go b/orm/model/ormtable/table_test.go
index 4b1a88ff0753..06df3f3cb48b 100644
--- a/orm/model/ormtable/table_test.go
+++ b/orm/model/ormtable/table_test.go
@@ -4,15 +4,14 @@ import (
 	"bytes"
 	"context"
 	"fmt"
-	"google.golang.org/protobuf/types/known/timestamppb"
 	"sort"
 	"strings"
 	"testing"
 	"time"
 
-	dbm "github.com/tendermint/tm-db"
+	"google.golang.org/protobuf/types/known/timestamppb"
 
-	"github.com/cosmos/cosmos-sdk/orm/types/kv"
+	dbm "github.com/tendermint/tm-db"
 
 	"google.golang.org/protobuf/proto"
 	"google.golang.org/protobuf/reflect/protoreflect"
@@ -21,6 +20,8 @@ import (
 	"gotest.tools/v3/golden"
 	"pgregory.net/rapid"
 
+	"github.com/cosmos/cosmos-sdk/orm/types/kv"
+
 	queryv1beta1 "github.com/cosmos/cosmos-sdk/api/cosmos/base/query/v1beta1"
 	sdkerrors "github.com/cosmos/cosmos-sdk/errors"
 	"github.com/cosmos/cosmos-sdk/orm/encoding/ormkv"
@@ -67,6 +68,38 @@ func TestScenario(t *testing.T) {
 	checkEncodeDecodeEntries(t, table, store.IndexStoreReader())
 }
 
+// isolated test for bug - https://github.com/cosmos/cosmos-sdk/issues/11431
+func TestPaginationLimitCountTotal(t *testing.T) {
+	table, err := ormtable.Build(ormtable.Options{
+		MessageType: (&testpb.ExampleTable{}).ProtoReflect().Type(),
+	})
+	backend := testkv.NewSplitMemBackend()
+	ctx := ormtable.WrapContextDefault(backend)
+	store, err := testpb.NewExampleTableTable(table)
+	assert.NilError(t, err)
+
+	assert.NilError(t, store.Insert(ctx, &testpb.ExampleTable{U32: 4, I64: 2, Str: "co"}))
+	assert.NilError(t, store.Insert(ctx, &testpb.ExampleTable{U32: 5, I64: 2, Str: "sm"}))
+	assert.NilError(t, store.Insert(ctx, &testpb.ExampleTable{U32: 6, I64: 2, Str: "os"}))
+
+	it, err := store.List(ctx, &testpb.ExampleTablePrimaryKey{}, ormlist.Paginate(&queryv1beta1.PageRequest{Limit: 3, CountTotal: true}))
+	assert.NilError(t, err)
+	assert.Check(t, it.Next())
+
+	it, err = store.List(ctx, &testpb.ExampleTablePrimaryKey{}, ormlist.Paginate(&queryv1beta1.PageRequest{Limit: 4, CountTotal: true}))
+	assert.NilError(t, err)
+	assert.Check(t, it.Next())
+
+	it, err = store.List(ctx, &testpb.ExampleTablePrimaryKey{}, ormlist.Paginate(&queryv1beta1.PageRequest{Limit: 1, CountTotal: true}))
+	assert.NilError(t, err)
+	for it.Next() {
+	}
+	pr := it.PageResponse()
+	assert.Check(t, pr != nil)
+	assert.Equal(t, uint64(3), pr.Total)
+
+}
+
 func TestImportedMessageIterator(t *testing.T) {
 	table, err := ormtable.Build(ormtable.Options{
 		MessageType: (&testpb.ExampleTimestamp{}).ProtoReflect().Type(),