We numerically study drop impact on slippery lubricated surfaces at varied impact speeds to comprehend the cloaking of the water drop by the lubricant. We employ a multi-material and multi-phase interface reconstruction method to capture the interaction between the drop and the lubricants of varying interfacial tensions. We demonstrate that cloaking occurs when lubricant water interfacial tensions are low and impact speeds are low. Our research demonstrates that the thickness of the encapsulating lubricant layer varies over time. At moderate impact speeds of 0.25 and 0.5 m/s, the drop displaces a large amount of lubricant, generating a lubricant–water jet, as we also demonstrate. At high impact speeds of 5 and 30 m/s, a secondary impingement forms, which displaces a significant amount of lubricant to reveal the underneath substrate that was not visible at lower impact speeds. Finally, we investigate the drop impact on lubricant infused micro-wells with varying spacing. We find that small spacing between the micro-well walls can limit lubricant drainage and displacement. The substrates with micro-wells exhibit far less splashing than those without. Furthermore, we demonstrate that micro-wells are better at preserving lubricants than substrates without micro-wells.