The relationship between synchronous neuronal activity as measured with EEG and the blood oxygenation level dependent (BOLD) signal as measured during fMRI is not clear. This work investigates the relationship by combining EEG and fMRI measures of the strong increase in beta frequency power following movement, the so-called post-movement beta rebound (PMBR). The time course of the PMBR, as measured by EEG, was included as a regressor in the fMRI analysis, allowing identification of a region of associated BOLD signal increase in the sensorimotor cortex, with the most significant region in the post-central sulcus. The increase in the BOLD signal suggests that the number of active neurons and/or their synaptic rate is increased during the PMBR. The duration of the BOLD response curve in the PMBR region is significantly longer than in the activated motor region, and is well fitted by a model including both motor and PMBR regressors. An intersubject correlation between the BOLD signal amplitude associated with the PMBR regressor and the PMBR strength as measured with EEG provides further evidence that this region is a source of the PMBR. There is a strong intra-subject correlation between the BOLD signal amplitude in the sensorimotor cortex during movement and the PMBR strength as measured by EEG, suggesting either that the motor activity itself, or somatosensory inputs associated with the motor activity, influence the PMBR. This work provides further evidence for a BOLD signal change associated with changes in neuronal synchrony, so opening up the possibility of studying other event-related oscillatory changes using fMRI.