We wanted to determine the influence of total blood volume (BV) and blood lactate quantity on lactate concentrations during incremental exercise. Twenty-six healthy, nonsmoking, heterogeneously trained females (27.5 ± 5.9 ys) performed an incremental cardiopulmonary exercise test on a cycle ergometer during which maximum oxygen uptake (V·O2max), lactate concentrations ([La−]) and hemoglobin concentrations ([Hb]) were determined. Hemoglobin mass and blood volume (BV) were determined using an optimised carbon monoxide-rebreathing method.V·O2maxand maximum power (Pmax) ranged between 32 and 62 mL·min−1·kg−1and 2.3 and 5.5 W·kg−1, respectively. BV ranged between 81 and 121 mL·kg−1of lean body mass and decreased by 280 ± 115 mL (5.7%,p= 0.001) until Pmax. At Pmax, the [La−] was significantly correlated to the systemic lactate quantity (La−, r = 0.84,p< 0.0001) but also significantly negatively correlated to the BV (r = −0.44,p< 0.05). We calculated that the exercise-induced BV shifts significantly reduced the lactate transport capacity by 10.8% (p< 0.0001). Our results demonstrate that both the total BV and La−have a major influence on the resulting [La−] during dynamic exercise. Moreover, the blood La−transport capacity might be significantly reduced by the shift in plasma volume. We conclude, that the total BV might be another relevant factor in the interpretation of [La−] during a cardio-pulmonary exercise test.