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In this study we consider a model for continuous bioreactors which incorporates the effects of high product and substrate inhibition on the kinetics as well as biomass and product yields. We theoretically investigate the possibility of various dynamic behaviors in the bioreactor over different ranges of operating parameters to determine the delineating process conditions which may lead to oscillatory behavior. Application of the singular perturbation technique allows us to derive explicit conditions on the system parameters which specifically ascertain the existence of limit cycles composed of concatenations of catastrophic transitions occurring at different speeds. We discover further that the interactions between the limiting substrate and the growing microorganisms can give rise to high frequency oscillations which can arise during the transients toward the attractor or during the low-frequency cycle. Such a study not only can describe more fully the kinetics in a fermentor but also assist in formulating optimum fermentor operating conditions and in developing control strategy for maintaining optimum productivity.