The concealed information test (CIT) was designed to detect concealed knowledge. It does so by measuring differential physiological and behavioral responses to concealed, compared to control, items – i.e., the CIT effect. Although the CIT has gained extensive empirical support in laboratory studies, scientific validity requires also a theoretical understanding of the method's underlying mechanisms. In this article, we present a new theoretical perspective. Specifically, we elaborate and clarify several features of Orienting Response (OR) theory, which has been the dominant theory in this domain. Importantly, we suggest for the first time that the voluntary (rather than the involuntary) OR modulates the CIT effect. Second, we argue that motivational-emotional accounts of the CIT effect are consistent with OR theory and cannot be considered as alternative approaches. Finally, we discuss some more recent developments which highlight the idea that different physiological measures reflect different underlying mechanisms – an idea dubbed as response fractionation.