The current study set out to examine word recognition in early fluent Spanish–English bilinguals using a single word presentation lexical decision task (LDT). Reaction times (RTs) and event-related brain potentials (ERPs) were measured while subjects (16 per language condition) made a lexical decision on words and pseudowords in either Spanish or English. Results show associative priming as measured by RTs, but both associative and categorical priming in the ERPs in both language conditions. The dissociation of RT and ERP effects suggests that the two measures might tap into different underlying processes during semantic priming or reflect different sensitivities towards semantic priming. Furthermore, both RT and ERP measures revealed symmetrical priming in L1 and L2. These data indicate that word recognition in early fluent bilinguals is equivalent for L1 and L2.