Ever since the scroll wheel was introduced it was used to move the viewing window up or down. With the multitouch trackpad this concept was extended into two dimensions to allow panning around an image or screen.
In Lion Apple decided to reverse the direction of panning/scrolling as part of their movement to unify the user experience between iOS and OS X. This works well on the trackpad and gives the sensation of moving the content instead of the window. However, when a mouse is introduced a reversed scroll direction is counter intuitive.
Fortunately there is a quick fix; change a setting in the System Preferences pane. The option to reverse scrolling direction is under both "Mouse" and "Trackpad". While the checkboxes work independently, there is only one global setting. Since there are two ways to change this setting each pane is not guaranteed to accurately display the current state, frustrating users.
Natural Scrolling works with a trackpad and reverse scrolling works with a mouse. But what if you use both?
Enter Razer. Many of Razer's gaming mice have onboard memory (Razer Synapse) to store settings and profiles. I happened to have a Mamba lying around so I dug around in the settings looking for a solution to the problem.. The amount of configuration possible is astounding. Every button can be mapped to an action, a macro, or a key combination. It is even possible to assign a different function to scroll up and scroll down. Bingo! Swap these two settings and the problem is solved.