The realization of an innovative hybrid light source operating at room temperature, obtained by embedding a carbon nanotube (CNT) dispersion inside a Si nanowire (NW) array is reported. The NW/CNT system exhibits a peculiar photoluminescence spectrum, consisting of a wide peak, mainly observed in the visible range, due to quantum confined Si NWs, and of several narrower IR peaks, due to the different CNT chiralities present in the dispersion. The detailed study of the optical properties of the hybrid system evidences that the ratio between the intensity of the visible and the IR emissions can be varied within a wide range by changing the excitation wavelength or the CNT concentration; the conditions leading to the prevalence of one signal with respect to the other are identified. The multiplicity of emission spectra obtainable from this composite material opens new perspectives for Si nanostructures as active medium in light sources for Si photonics applications.