Workload associated with the high frequency Colombian Paso Fino gait has not been evaluated. To determine the oxygen consumption (V̇O2), heart rate (HR), stride frequency: breathing ratio, and hematology associated with the Paso Fino gait, including whether exercise-induced pulmonary hemorrhage (EIPH) occurs. Eleven Paso Fino horses. Prospective cohort study. Horses performed a standardized Paso Fino gait test across a wooden sounding board, simulating competition. V̇O2 and ventilatory parameters (tidal volume [VT]; peak inspiratory and expiratory airflows [PkV̇I, PkV̇E]; respiratory rate [RR], minute ventilation [V̇E]) were measured using a portable ergospirometry facemask. Heart rate was measured using electrocardiograms. Post-exercise lactate, hematocrit, bicarbonate, pH, electrolytes, and biochemistry concentrations were measured. EIPH was assessed via tracheobronchoscopy. Four horses completed a secondary high-intensity gallop to elicit peak V̇O2 for comparative purposes. Median [IQR] mean individual HR during the Paso Fino gait was 190 [178, 201] bpm. Relative V̇O2 measured 49.8 [48.4, 59.5] mL/(kg min; VT = 8.6 [8.0, 10.7] L; RR = 87.1 [75.4, 99.5] bpm; V̇E = 869 [740, 902] L/min; PkV̇I = 33.4 [32.7, 37.2] L/s; PkV̇E = 44.2 [40.3, 46.0] L/s). Horses took 2.8 [2.7, 2.9] strides/second and had a stride frequency: breathing ratio of 2.0 [1.8, 2.3]. Post-exercise blood lactate concentration and hematocrit measured 2.7 mmol/L and 50% respectively. Three horses showed endoscopic evidence of Grade-1 EIPH. The Paso Fino gait V̇O2 and HR equaled 79% V̇O2pk and 91% maximal HR, respectively, based on the high-intensity gallop. The Paso Fino gait represents submaximal exercise based on V̇O2 < V̇O2pk and blood lactate.