In a sentence reading ERP study in Swedish we investigated the roles of the N400 and P600 components. By manipulating ease of lexical retrieval and discourse integration of the critical words in four conditions (contextually primed/non-primed and degree of contextual fit), we explored these components from a sentence processing perspective. The results indicate that the N400 indexes lexical retrieval and access of stored conceptual knowledge, whereas the P600 component indexes pragmatic processes, such as integration of a word into the discourse context, or the information structural status of the word. The results support single-stream models of sentence processing where lexical retrieval and integration do not take place in parallel, as in multi-stream models.