Large number of lipophilic substances, whose electrochemical transformation takes place from adsorbed state, belong to the class of so‐called “surface‐redox reactions”. Of these, especially important are the enzymatic redox reactions. With the technique named “protein‐film voltammetry” we can get insight into the chemical features of many lipophilic redox enzymes. Electrochemical processes of many redox adsorbates, occurring at a surface of working electrode, are very often coupled with chemical reactions. In this work, we focus on the application of square‐wave voltammetry (SWV) to study the theoretical features of a surface electrode reaction coupled with two chemical steps. The starting electroactive form Ox(ads) in this mechanism gets initially generated via preceding chemical reaction. After undergoing redox transformation at the working electrode, Ox(ads) species got additionally regenerated via chemical reaction of electrochemically generated product Red(ads) with a given substrate Y. The theory of this so‐called surface CEC’ mechanism is presented for the first time under conditions of square‐wave voltammetry. While we present plenty of calculated voltammograms of this complex electrode mechanism, we focus on the effect of rate of regenerative (catalytic) step to simulated voltammograms. We consider both, electrochemical reactions featuring moderate and fast electron transfer. The obtained voltammetric patterns are very specific, having sometime hybrid‐like features of voltammograms as typical for CE, EC and EC’ mechanisms. We give diagnostic criteria to recognize this complex mechanism in SWV, but we also present hints to access the kinetic and thermodynamic parameters relevant to both chemical steps, and the electrochemical reaction, too. Indeed, the results presented in this work can help experimentalists to design proper experiments to study chemical features of important lipophilic systems.