diff --git a/django/db/models/query.py b/django/db/models/query.py
index 7376d13715..1cc3bbeec4 100644
--- a/django/db/models/query.py
+++ b/django/db/models/query.py
@@ -508,15 +508,11 @@ class ValuesQuerySet(QuerySet):
                 field_names = list(self._fields)
             else:
                 field_names = []
-                names = set(self.model._meta.get_all_field_names())
                 for f in self._fields:
-                    if f in names:
-                        field_names.append(f)
-                    elif self.query.extra_select.has_key(f):
+                    if self.query.extra_select.has_key(f):
                         self.extra_names.append(f)
                     else:
-                        raise FieldDoesNotExist('%s has no field named %r'
-                                % (self.model._meta.object_name, f))
+                        field_names.append(f)
         else:
             # Default to all fields.
             field_names = [f.attname for f in self.model._meta.fields]
diff --git a/django/db/models/sql/query.py b/django/db/models/sql/query.py
index 6a68448bf1..370ef357b0 100644
--- a/django/db/models/sql/query.py
+++ b/django/db/models/sql/query.py
@@ -1191,6 +1191,11 @@ class Query(object):
                 self.select.append((final_alias, col))
         except MultiJoin:
             raise FieldError("Invalid field name: '%s'" % name)
+        except FieldError:
+            names = opts.get_all_field_names() + self.extra_select.keys()
+            names.sort()
+            raise FieldError("Cannot resolve keyword %r into field. "
+                    "Choices are: %s" % (name, ", ".join(names)))
 
     def add_ordering(self, *ordering):
         """
diff --git a/tests/modeltests/lookup/models.py b/tests/modeltests/lookup/models.py
index 5cff48ac51..a18be968aa 100644
--- a/tests/modeltests/lookup/models.py
+++ b/tests/modeltests/lookup/models.py
@@ -162,7 +162,7 @@ True
 >>> Article.objects.extra(select={'id_plus_one': 'id + 1'}).values('id', 'id_plus_two')
 Traceback (most recent call last):
     ...
-FieldDoesNotExist: Article has no field named 'id_plus_two'
+FieldError: Cannot resolve keyword 'id_plus_two' into field. Choices are: headline, id, id_plus_one, pub_date
 
 # If you don't specify field names to values(), all are returned.
 >>> list(Article.objects.filter(id=5).values()) == [{'id': 5, 'headline': 'Article 5', 'pub_date': datetime(2005, 8, 1, 9, 0)}]