Water-based lubrication faces the common challenge of component lifetime extension which is impaired by tribocorrosion due to material surface depassivation. However, such mechanisms in a pH-neutral and low-halide electrolyte require additional understanding. A ball-on-flat configuration study of hard-phase materials in a low amplitude–high frequency sliding contact against martensitic chromium steel with contact pressures around 200 MPa is presented. Under lubrication by purified water, tungsten carbide-based metal matrix composite (MMC) with NiCr binder and silicon nitride-based ceramic (SiAlON) against DIN/EN 1.4108 steel yielded coefficients of friction above unity. Wear scar enlargement led to fretting-like conditions with adhesion becoming the fundamental wear mechanism. A tribocorrosion-induced depletion of tungsten carbide and nickel was determined for MMC. SiAlON materials suffered extreme wear under the formation of abrasive SiO2, while heat-treated DIN/EN 1.4125 steel showed lower friction and wear, but also showed signs of hydrogen embrittlement. Results from accompanying single-material corrosion experiments could not satisfactorily explain the phenomena. Including galvanic interaction and the influence of contact geometry, a new tribocorrosion model for fretting conditions is proposed. It describes an expanding anodic belt located at the inner-most crevice position of an otherwise cathodically polarized material. Low conductivity of the electrolyte is seen as a key player in this process, while the galvanic situation between two materials in contact was shown to invert when water was substituted by a wet organic phase.