An air induction system for an engine is disclosed. The air induction system has a compressor operable to compress air directed into the engine, a bypass valve, and a throttle valve. The bypass valve may be disposed between the compressor and the engine and may have a valve element movable to selectively divert a portion of the compressed air away from the engine in response to a desired air-to-fuel ratio of the engine. The throttle valve may be disposed between the bypass valve and the engine and may have a valve element movable to selectively restrict the flow of compressed air into the engine in response to a desired air-to-fuel ratio of the engine. The movements of the valve elements of the bypass and throttle valves may be substantially sequential.