We report the magnetic field dependence of the magneto-photocurrent (MPC) in organic light emitting diodes made of homo-polymer organic layers and compare it to the measured magneto-conductance (MC) in the same diodes. We find that the response MPC(B) is very different from MC(B) in at least two respects. (a) The low field (B < 50 mT) response of MPC(B) is narrower by a factor of ∼5 from that of MC(B). (b) At high fields (B > 4 T), MPC(B) has a stronger dependence on B, d(MPC)/dB ∼ 5d(MC)/dB. We attribute these differences to a unique feature of charge transfer excimers that are responsible for MPC: sub-ns fast fusion back to singlet excitons and slow (ns to μs) dissociation to free charges. In contrast, MC(B) is determined by long lived (>10 ns) polaron pairs having singlet and triplet dissociation rates of the same order.