A core symptom of schizophrenia is thought disorder (TD). The cognitive abilities of semantic processing and executive function are argued to be etiologically linked to TD. However, there has been no comprehensive investigation of neurocognition in TD to date. The neurocognitive profile of 58 schizophrenia patients and 48 healthy controls was examined using the MATRICS Consensus Cognitive Battery and the D-KEFS Color–Word Interference Test. TD patients performed more poorly than non-TD patients on the cognitive domains of Verbal Learning and Inhibition, reflective of semantic and executive function respectively, confirming their critical roles over and above other cognitive deficits in schizophrenia.