Although inhibitory control is essential to goal-directed behavior, not all inhibition is the same: Previous research distinguished discarding an action plan from simply withholding it, suggesting separate neurophysiological mechanisms. This study tracks the neurophysiological signatures of both using time-frequency transformation and beamforming in n = 34 healthy individuals. We show that discarding an action plan reduces working memory load, with stronger initial theta band activity compared to withholding it. This oscillatory difference was localized in the (para-)hippocampus and anterior temporal lobe, likely reflecting the need to dissolve action plan features first to enable the following decrease of working memory load. Contrary, when exposed to the embedded stimulus, withholding was associated with higher theta, alpha, and beta band activity relative to discarding. This study advances our understanding of inhibition by revealing distinct neurophysiological mechanisms and functional neuroanatomical structures involved in withholding versus discarding an action.