Presented is a new model for predicting the conversion in a trickle-bed reactor. This accounts for the impact of velocity dispersion on local variations in the overall effectiveness factor. To demonstrate the performance of this model in predicting the dependence of conversion on space time for various bed lengths and temperatures, the isothermal decomposition of hydrogen peroxide on a NiO on γ-alumina catalyst was considered. Basing from the obtained results, it is evident that the model predictions for high levels of conversion are more accurate than those of the existing published models. This is attributed to the fact that this model accounts for the impact of velocity variation on liquid hold-up, wetting, and external mass transfer, thus on the overall effectiveness factor.