The present study investigated the relationships between lexical access, reading fluency, and comprehension. Two components of speed of lexical access were studied: phonological and semantic. Previous studies have mainly investigated these components of lexical access separately. The present study examined both components in naming tasks—with isolated letters (phonological) and pictures (semantic). Seventy-five Grade 5 students were administered measures of letter and picture naming speed, word and nonword reading fluency, and reading comprehension, together with control measures of vocabulary. The results showed that letter naming was a unique predictor of word reading fluency, whereas picture naming was not. Conversely, picture naming speed contributed unique variance to reading comprehension, whereas letter naming did not. The results indicate that phonological and semantic lexical access speed are separable components that are important for different reading subskills.