Traps in Fe‐doped semi‐insulating InP samples have been studied by thermally stimulated current spectroscopy with IR (hν≤1.12 eV) excitation at 81 K. The possible involvement of native defects in determining the compensation mechanisms is suggested based on the observation of other than the usual 0.64 eV Fe‐related activation energy for the dark current in one of the four samples supplied from different sources. A metastable behavior of traps in another sample was found and explained by a charge‐controlled defect reaction model. Three out of the six traps observed are suggested to be electron traps and one among the other three traps is believed to be a hole trap.