Despite recent advances in growth and characterization of GaN:Be, reliable conductive p‐type GaN:Be remains elusive. In this work, GaN is co‐doped with Be and Mg to improve the incorporation and ionization efficiency of both Be and Mg. Be and Mg are found to interact in complex ways rendering GaN:Be,Mg semi‐insulating. Rather than improving Be and Mg incorporation efficiency, there is an apparent mutual inhibition of incorporation when Be and Mg are co‐dopants. Furthermore, photoluminescence measurements indicate that the BeGa acceptor is reduced in particular, relative to the total [Be]. The same effect is not observed for Mg. From this, it is concluded that Mg preferentially incorporates into Ga lattice sites over Be, and excess Be that cannot incorporate into substitutional sites instead occupies interstitial sites. The interstitial Be acts as donor defect, which compensate Mg acceptors. This provides an explanation for the observed reduction in BeGa‐related luminescence intensity (without an associated decrease in [Be]) in GaN:Be with significant [Mg] content.