It's quite possible for a sociopath to feel paranoid, and in fact, is generally the case. The inability to trust others and realization that their lack of remorse is considered socially unacceptable puts most sociopaths in a constant state of fear that they will be discovered to be sociopaths. In addition to making their lives incredibly difficult, and potentially putting them in jail, having people realize you are a sociopath makes them harder to manipulate, which is what sociopaths do best. In addition, since the majority of what sociopaths express to other people is facetious, they must also live in a constant state of fear that their lies will be uncovered, revealing them as sociopaths at worst, liars at best.
On the other hand, some sociopaths do experience feelings of omnipotence similar to people with bipolar disorder in the manic state. Often when they lie, they do so with such intense conviction, that they believe their lies to be truth. This often how sociopaths beat lie detectors. This type of sociopath generally ends up committing violent crimes in which he/she fulfills his/her power fantasies. These sociopaths are highly unlikely to experience paranoia.