We propose that fluent identification of a repeated word is based on a form of episodic memory for the context-specific interpretation applied during the word's initial processing episode. In a lexical decision paradigm, fluent responses to repeated words were associated with a change in decision bias rather than perceptual sensitivity. Repetition effects were reduced or eliminated when the context word accompanying a repeated homograph was changed so that a different meaning was implied. A context-sensitive repetition effect was also obtained when repeated homographs served as context words for nonrepeated targets, suggesting a role for integral processing of context and target. In a word naming paradigm, repetition effects showed a weaker and different form of context sensitivity and were obtained even when the initial presentation was auditory, did not require articulation, or involved a visually dissimilar letter string (e.g., krooze for cruise). These results are taken as support for an account of long-term repetition effects that emphasizes episodic memory for context-specific interpretations of a word.