We give a new upper bound for the smallest eigenvalues of the Dirac operator on a Riemannian flow carrying transversal Killing spinors. We derive an estimate on Sasakian and on 3-dimensional manifolds and partially classify those satisfying the limiting case. Finally, we compare our estimate with a lower bound in terms of a natural tensor depending on the eigenspinor.Mathematics Subject Classification: 53C12, 53C25, 53C27, 58J50, 35P15For a manifold M n isometrically immersed into one of the three simplyconnected space-forms R n+1 , S n+1 , H n+1 , C. Bär got upper bounds for the eigenvalues of the Dirac operator of M in terms of the mean curvature of the hypersurface [4]. His results follow from the min-max-principle using parallel or Killing spinors as test-spinors.In this paper, we aim at studying the spectrum of the Dirac operator on manifolds arising as total space of submersions over real space forms. More generally, we study Riemannian flows (see Section 2) which are locally given by Riemannian submersions with 1-dimensional fibres. We are interested in the following question:Can one relate the spectrum of the Dirac operator on a spin manifold submerged onto the space-forms to geometric quantities?The most natural situation to start with consists in assuming the Riemannian flow (M, F ) to carry what we call an (α, β)-transversal Killing spinor and which can be thought of as the lift of some Killing spinor on the base, see [15] for an account of geometrical properties of flows with transversal Killing spinors. Using this spinor field as a test-spinor, we derive eigenvalue estimates for the fundamental Dirac operator of a closed manifold M in terms of the O'Neill tensor [20] of the flow, which is the natural geometric tensor expected in this context. We begin with the general framework in Section 3, then we focus our attention on the particular cases where M is Sasakian or 3-dimensional. If M is Sasakian (Section 4), then the general estimate can be substantially simplified and provides the existence of harmonic spinors for suitable deformations of the metric. In Section 5, we give a complete classification of 3-dimensional manifolds satisfying the limiting case: we show that the O'Neill tensor is constant and hence the manifold is either a local Riemannian product or homothetic to a Sasakian manifold.Section 6 sheds a new light on the estimate due to O. Hijazi in terms of the energy-momentum tensor [17]. Indeed we show that, if the limiting case of our estimate is attained on 3-dimensional flows, then so is Hijazi's lower bound (see Proposition 6.2) whereas this fact is still true on Sasakian manifolds for special sections of the spinor bundle of M