Dissolved oxygen (DO) concentration, isotopic composition (18:16O), and respiratory fractionation (αr) were measured in the east basin of Lake Erie to determine the patterns of planktonic photosynthesis (P) and respiration (R) and to assess a dual isotope, steady-state model for P/R ratios. Values of αr varied significantly between months but averaged close to a widely accepted norm for planktonic respiration (0.982). Isotope dynamics in situ predicted that 33%–53% of hypolimnetic oxygen consumption was by the sediments, consistent with previous knowledge. Except during fall turnover, DO was generally above, and 18:16O below, atmospheric equilibrium in the surface mixed layer (SML), suggesting P/R is usually >1 and agreeing with independent estimates by incubation experiments. P/R ratios calculated from the oxygen isotope model were often inconsistent with the DO and 18:16O data, likely because of uncertainties in αr and nonsteady-state conditions in the SML. The autumnal transition to P/R < 1 was captured better in the DO and 18:16O data than in the incubation experiments. Despite problems with the steady-state model, the isotope data were able to reveal spatial and temporal variations in lake metabolism and indicated a strong autochthonous basis for community metabolism in the SML.