The integration of electroencephalogram (EEG) recordings and functional magnetic resonance imaging (fMRI) can provide considerable insight into brain functionality. However, the direct relationship between neural and hemodynamic activity is still poorly understood. Of particular interest is the spatial correspondence between event-related potential (ERP) and fMRI sources. In the current study we localized sources generated by a checkerboard stimulus presented to eight subjects using both EEG and fMRI. The location of the sources of the visual evoked potential (VEP) were estimated at each timepoint and compared to the location of peak fMRI activity. In the majority of participants we found that the N75 dipole location coincides with a region of positive blood oxygenation level-dependent (BOLD) activation and the P100 dipole location coincides with a region of negative BOLD activation. These findings demonstrate the importance of including the negative BOLD response in combined EEG/fMRI studies.