Traps in semi‐insulating InP:Fe and InP:Cr have been studied by Photo‐Induced Current Transient measurements for the first time. Hole emissions to the valence band with activation energy &Dgr;ET= 0.69±0.01 and 0.96±0.01 eV from the Fe and Cr levels, respectively, have been identified. These values of &Dgr;ET, on comparison with Hall measurement data for 350⩽T⩽600 K, indicate negligible coupling of the Fe and Cr levels with the lattice. Electron traps with &Dgr;ET= 0.68±0.01 eV, probably related to native defects, and hole traps with &Dgr;ET= 0.50±0.005 and 0.67±0.01 eV have also been detected. The thermal capture cross section related to the various electron and hole emissions have been estimated.