The generation of a behaviorally relevant cue to the speed of objects around us is critical to our ability to navigate safely within our environment. However, our perception of speed is often distorted by prevailing conditions. For instance, as luminance is reduced, our perception of the speed of fast-moving patterns can be increased by as much as 30%. To investigate how the cortical representation of speed may vary under such conditions, we have measured the functional MRI blood oxygen level-dependent (BOLD) response of visual cortex to drifting sine gratings at two very different luminances. The average BOLD response in all areas was band-pass with respect to speed (or equivalently, temporal frequency) and thus contained no unambiguous speed information. However, a multivariate classifier was able to predict grating speed successfully in all cortical areas measured. Similarly, we find that a multivariate classifier can predict stimulus luminance. No differences in either the mean BOLD response or the multivariate classifier response with respect to speed were found as luminance changed. However, examination of the spatial distribution of speed preferences in the primary visual cortex revealed that perifoveal locations preferred slower speeds than peripheral locations at low but not high luminance. We conclude that although an explicit representation of perceived speed has yet to be demonstrated in the human brain, multiple visual regions encode both the temporal structure of moving stimuli and luminance implicitly.