The importance of vocabulary when speaking is not only demonstrated in models of second language speech production and speaking proficiency but also reflected in rating criteria and assessment scales. The present study examined and compared micro-level lexical information in a speaking task from two complementary stakeholders' perspectives (learners and raters). Stimulated verbal recalls and interviews were used to elicit their vocabulary-related cognition and views on speaking. The findings revealed that learners paid more attention to lexical diversity, sophistication, and fluency. On the other hand, raters assigned greater importance to lexical appropriateness, accuracy, and fluency. Implications for assessment practice are given.