This study investigated the nature of the interference effect of semantically related distractors in the picture-word interference paradigm, which has been claimed to be caused by either competition between lexical representations of target and distractor or by a late response exclusion mechanism that removes the distractor from a response buffer. EEG was recorded while participants overtly named pictures accompanied by categorically related versus unrelated written distractor words. In contrast to previous studies, stimuli were presented for only 250 ms to avoid any re-processing. ERP effects of relatedness were found around 290, 470, 540, and 660 ms post stimulus onset. In addition, related distractors led to an increase in midfrontal theta power, especially from about 440 to 540 ms, as well as to decreased high beta power between 40 and 110 ms and increased high beta power between 275 and 340 ms post stimulus onset. Response-locked analyses showed no differences in ERPs, however increased low and high beta power for related distractors in various time windows, most importantly a high beta power increase between −175 and −155 ms before speech onset. These results suggest that the semantic distractor effect is a combination of various effects and that the lexical competition account and the response exclusion account each capture a part, but not all aspects of the effect.