We consider the effects on photocurrent spectra of the finite transit times of carriers through the 2‐&mgr;m‐thick intrinsic region of ap‐i‐ndiode containing multiple quantum wells. If the transit time is comparable to or greater than the carrier recombination time, the photocurrent spectra show severe distortion. We have observed an anomalously large decrease in the diode’s quantum efficiency, accompanied by a compression of the spectral features and eventually an apparent splitting of each photocurrent peak into two separate peaks, as the electric field is lowered. A carrier‐transport model is presented that accurately describes the essential experimental features.