The present disclosure is directed to a lightning protection system for a wind turbine rotor blade. The lightning protection system includes a lightning conductive circuit having at least one electrical conductor and at least one semiconductor. The semiconductor is configured for placement at a blade root of the rotor blade. Further, the electrical conductor is configured to electrically couple a blade tip of the rotor blade to a ground conductor. In addition, the electrical conductor is configured to electrically couple the semiconductor between one or more spar caps located on either or both of the pressure or suction sides at the blade root and the ground conductor.