In the picture–word interference paradigm, participants name pictures while ignoring a distractor word. When targets and distractors share phonemic and/or graphemic content, naming latencies are shorter than when there is no overlap between the two words. This study examines the hypothesis that the facilitation effect is modulated by differences in the time it takes participants to encode the picture name and process the distractor. Participants named pictures while ignoring distractors that either shared a phonological/orthographical syllable with the target word or were unrelated to that word. Response latencies during the naming of the distractors were collected and used as a measure of distractor processing time. The facilitation effect in picture naming was modulated by differences in response times between the picture and word naming tasks. This finding complements previous studies in showing that picture naming processes in the picture–word interference paradigm are influenced by the time course of distractor processing.