Alpha-and beta-band rhythms over the sensorimotor cortex are prominent and functionally relevant for movement selection. However, it remains unclear whether these rhythms modulate excitability of the same neuronal ensembles in the same direction when a movement is selected across the sensorimotor cortex. Using electrocorticography in humans (N=11), we assessed the anatomical and functional specificity of alpha-and beta-band rhythms sampled around the central sulcus during the performance of a psychophysically-controlled movement imagery task. Both rhythms displayed effector-specific task-related modulations, tracked spectral markers of action potentials in the local neural population, and showed spatially systematic phase relationships (traveling waves). Yet, alpha-and beta-band rhythms were weakly correlated, differed in their anatomical and functional properties, and travelled along opposite directions across the sensorimotor cortex. Alpha was stronger at postcentral electrodes evoking somatosensory sensations. A relative increase in alpha power in the somatosensory cortex ipsilateral to the selected arm was associated with spatially unspecific inhibition. Beta was stronger at central electrodes evoking both movements and somatosensory sensations. A focal reduction in beta power over the somatomotor cortex contralateral to the selected arm was associated with a local shift in balance from relative inhibition to excitation. These observations indicate the relevance of both inhibition and disinhibition mechanisms for precise spatiotemporal coordination of movement-related neuronal populations, and illustrate how those mechanisms are implemented through the substantially different neurophysiological properties of sensorimotor alpha and beta rhythms.