This study compares lexical retrieval amongst monolinguals and intermediate bilinguals and advanced bilinguals. It also investigates the possible effects of their language learning strategies on their respective lexical retrieval advantage. The study used a mixed methods design and the groups consisted of 20 Persian near-monolinguals, 20 Persian-English intermediate level bilinguals, and 20 Persian-English high-proficiency bilinguals. Auditory and visual lexical Memory Span Tasks were utilized to evaluate the lexical retrieval of all the language groups. The way that bilinguals used their L2 on a daily basis was examined using semi-structured interviews. It was suggested that the knowledge of two languages will not necessarily result in lexical retrieval advantages in bilinguals when compared to monolinguals. However, it was found that the specific language learning strategies used by the bilinguals could potentially influence their lexical retrieval advantages. Furthermore, when comparing lexical retrieval in different language proficiency groups, the method by which bilinguals manage their two languages as well as the environment they are located in should be taken into consideration.