Brain encoding aims at reconstructing fMRI brain activity given a stimulus. There exists a plethora of neural encoding models which study brain encoding for single mode stimuli: visual (pretrained CNNs) or text (pretrained language models). Few recent papers have also obtained separate visual and text representation models and performed late-fusion using simple heuristics. However, previous work has failed to explore the co-attentive multi-modal modeling for visual and text reasoning. In this paper, we systematically explore the efficacy of image and multi-modal Transformers for brain encoding. Extensive experiments on two popular datasets, BOLD5000 and Pereira, provide the following insights. (1) We find that VisualBERT, a multi-modal Transformer, significantly outperforms previously proposed single-mode CNNs, image Transformers as well as other previously proposed multi-modal models, thereby establishing new state-of-the-art. (2) The regions such as LPTG, LMTG, LIFG, and STS which have dual functionalities for language and vision, have higher correlation with multi-modal models which reinforces the fact that these models are good at mimicing the human brain behavior. (3) The supremacy of visio-linguistic models raises the question of whether the responses elicited in the visual regions are affected implicitly by linguistic processing even when passively viewing images. Future fMRI tasks can verify this computational insight in an appropriate experimental setting. We make our code publicly available.