A Fischer-Tropsch (FT) process with a hybrid membrane/PSA configuration provides high component recoveries from FT off gas with minimum power consumption. Synthesis gas from a synthesis gas production zone is reacted in an FT reaction zone forming a liquid stream and an off gas stream. The off gas from the FT reaction zone, which contains hydrogen, carbon monoxide, and methane reactants, is recycled to the synthesis gas production zone. A purge stream from the recycle loop is sent to a membrane separation unit where it is separated into a permeate stream and a residue stream. The residue stream is separated in a pressure swing adsorption (PSA) unit into a fuel gas stream and a second stream. The second stream can be compressed and recycled to the synthesis gas production zone.