Abstract The direct conversion of syngas into hydrocarbons, catalyzed by a combination of metal oxide and acidic zeolite, has garnered increasing attention in the scientific community. The remarkable hydrocarbon selectivity achieved in the OX‐ZEO process is a key factor in this growing interest. This process involves two distinct steps: CO activation over the oxide and subsequent C−C coupling within the zeolite pores, connected by an unidentified oxygenate intermediate. In this study, we explored three proposed oxygenates as potential intermediates and compared their conversion within the OX‐ZEO process. Using a bifunctional ZnCr 2 O 4 /H‐MOR catalyst in a syngas‐fed batch reactor, we found that methanol (MeOH) and dimethyl ether (DME) produced a hydrocarbon distribution similar to syngas conversion. However, the conversion of acetic acid (AcOH) resulted in a notably distinct range of hydrocarbons, including short olefins not detected with other reagents. Our findings suggest that methanol/DME might serve as active intermediates in the OX‐ZEO process over the ZnCr 2 O 4 /H‐MOR catalyst. This study provides a deeper insight into the transformation of proposed intermediates, contributing to the identification of the bridging intermediate that links the two catalytic functions.