Abrasive wear mechanisms—including two-body and three-body abrasion—dominate the performance and lifespan of tribological systems in many engineering fields, even of those operating in lubricated conditions. Bearing steel (100Cr6) pins and discs in a flat-on-flat contact were utilized in experiments together with 5 and 13 µm Al₂O₃-based slurries as interfacial media to shed light on the acting mechanisms. The results indicate that a speed-induced hydrodynamic effect occurred and significantly altered the systems’ frictional behavior in tests that were performed using the 5 µm slurry. Further experiments revealed that a speed-dependent hydrodynamic effect can lead to a 14% increase in film thickness and a decrease in friction of around 2/3, accompanied by a transition from two-body abrasion to three-body abrasion and a change in wear mechanism from microcutting and microploughing to fatigue wear. Surprisingly, no correlation could be found between the total amount of wear and the operating state of the system during the experiment; however, the wear distribution over pin and disc was observed to change significantly. This paper studies the influence of the hydrodynamic effect on the tribological mechanism of lubricated abrasive wear and also highlights the importance to not only consider a tribological systems’ global amount of wear.