The 170-ms electrophysiological processing stage (N170 in EEG, M170 in MEG) is considered an important computational step in face processing. Hence its neuronal sources have been modelled in several studies. The current study aimed to specify the relation of the dipolar sources underlying N170 and M170. Whole head EEG and MEG were measured simultaneously during the presentation of unfamiliar faces. An Independent Component Analysis (ICA) was applied to the data prior to localization. N170 and M170 were then modelled with a pair of dipoles in a four-shell ellipse (EEG)/homogeneous sphere (MEG) arranged symmetrically across midline. The dipole locations were projected onto the individual structural MR brain images. Dipoles were localized in fusiform gyri in ten out of eleven individuals for EEG and in seven out of eleven for MEG. N170 and M170 were co-localized in the fusiform gyrus in six individuals. The ICA shifted some of the single-subject dipoles up from cerebellum to fusiform gyrus mainly due to the removal of cardiac activity. The group mean dipole locations were also found in posterior fusiform gyri, and did not differ significantly between EEG and MEG. The result was replicated in a repeated measurement 3 months later.