The oxygen evolution reaction (OER) plays a crucial role in (photo)electrochemical devices that use renewable energy to produce synthetic fuels. Recent measurements on semiconducting oxides have found a power law dependence of the OER rate on surface hole density, suggesting a multihole mechanism. In this study, using transient photocurrent measurements, density functional theory simulations and microkinetic modelling, we have uncovered the origin of this behaviour in haematite. We show here that the OER rate has a third-order dependence on the surface hole density. We propose a mechanism wherein the reaction proceeds by accumulating oxidizing equivalents through a sequence of one-electron oxidations of surface hydroxy groups. The key O–O bond formation step occurs by the dissociative chemisorption of a hydroxide ion involving three oxyl sites. At variance with the case of metallic oxides, the activation energy of this step is weakly dependent on the surface hole coverage, leading to the observed power law.