Cardiorespiratory fitness and acute aerobic exercise effects on cognitive function were assessed for 28 higher- and lower-fit adults during a flanker task by comparing behavioral and neuroelectric indices of action monitoring. The error-related negativity, error positivity, and N2 components, as well as behavioral measures of response speed, accuracy, and post-error slowing were measured following a 30-minute acute bout of treadmill exercise or following 30-minutes of rest. A graded maximal exercise test was used to measure cardiorespiratory fitness by assessing maximal oxygen uptake. Results indicated that higher-fit adults exhibited reduced error-related negativity amplitude, increased error positivity amplitude, and increased post-error response slowing compared with lower-fit adults. However, acute exercise was not related to any of the dependent measures. These findings suggest that cardiorespiratory fitness, but not acute aerobic exercise, may be beneficial to behavioral and neuroelectric indices of action monitoring following errors of commission by increasing top-down attentional control.