We compared the ability of three different contextual models of lexical semantic memory (BEAGLE, Latent Semantic Analysis, and the Topic model) and of a simple associative model (POC) to predict the properties of semantic networks derived from word association norms. None of the semantic models were able to accurately predict all of the network properties. All three contextual models over‐predicted clustering in the norms, whereas the associative model under‐predicted clustering. Only a hybrid model that assumed that some of the responses were based on a contextual model and others on an associative network (POC) successfully predicted all of the network properties and predicted a word's top five associates as well as or better than the better of the two constituent models. The results suggest that participants switch between a contextual representation and an associative network when generating free associations. We discuss the role that each of these representations may play in lexical semantic memory. Concordant with recent multicomponent theories of semantic memory, the associative network may encode coordinate relations between concepts (e.g., the relation between pea and bean, or between sparrow and robin), and contextual representations may be used to process information about more abstract concepts.