Light-initiated currents elicited by brief light stimuli from Limulus ventral photoreceptors bathed in normal sea water generally exhibit a smooth contour, although the unclamped receptor potential elicited by an identical light stimulus usually exhibits distinct C1 and C2 components. However, light-initiated currents obtained from cells exposed to chlorobutanol often exhibit two components. Data from such experiments indicate that peak C2 current is more strongly voltage dependent than peak C1 current, as in Limulus lateral eye retinular cells. The results of partial voltage clamp experiments with ventral photoreceptors in which the clamping episode terminated at different times during the receptor potential reveal relatively minor perturbations of the rebound receptor potential when compared with the unclamped control response. These findings suggest that the temporal pattern of the membrane conductance changes which underlie the receptor potential is determined prior to the occurrence of the receptor potential. It is likely that the program for these conductance changes is developed during the latent period of the receptor potential.