Behavioral studies of visual recognition memory indicate that old/new decisions reflect both the similarity of the probe to the studied items (probe-item similarity) and the similarities among the studied items themselves (list homogeneity). Recording intracranial electroencephalography from 1,155 electrodes across 15 patients, we examined the oscillatory correlates of probe-item similarity and homogeneity effects in short-term recognition memory for synthetic faces. Frontal areas show increases in low-frequency oscillations with both probe-item and item-item similarity, whereas temporal lobe areas show distinct oscillatory correlates for probe-item similarity and homogeneity in the gamma band. We discuss these frontal low-frequency effects and the dissociation in the temporal lobe in terms of recent computational models of visual recognition memory.