This study investigates NO adsorption on Pd-exchanged chabazite (Pd/H-CHA), a promising passive NOx adsorber (PNA) for capturing cold-start NOx emissions of gasoline- and diesel-powered vehicles. Temperature-programed desorption (TPD) and IR spectroscopy are combined with theoretical calculations to elucidate how and where NO is stored, and how water and O2 affect this process. NO adsorption on Pd/H-CHA produces two TPD features, around 423 and 753 K, and IR bands centered at 1860 and 1810 cm−1. Calculated NO stretching frequencies and maximum-desorption temperatures reveal that Pd2+ and Pd+ sites are responsible for these low- and high-temperature features, respectively, and that while the IR feature at 1810 cm−1 is due to NO adsorption on Pd+, the 1860 cm−1 feature contains contributions from both weakly-bound NO on Pd2+ and more strongly bound NO on Pd+, consistent with experimentally observed effects of water and O2.