Commercially available boron carbide ceramics typically have heterogeneous microstructures that contain distributions of processing‐induced inclusions. The inclusions that are rich in carbon (i.e., carbonaceous) govern the underlying mechanisms of brittle fracture through wing crack formation, and thus dictate the mechanical response of the ceramic. In this study, we investigate the dynamic failure of five boron carbide ceramic materials with different inclusion populations. All of the materials were prepared by hot‐pressing; four of these boron carbides contained different sizes and concentrations of carbonaceous inclusions, while one contained no carbonaceous inclusions. The heterogeneity distributions were characterized in some detail for statistical analysis using scanning electron microscopy and quantitative image analysis. A modified compression Kolsky bar setup with in situ ultra‐high‐speed microscopic imaging (10 million frames per second) was then used to study the influence of the inclusion distributions on the dynamic failure processes in these materials, at nominal high strain rates of 102–103 s−1. The in situ ultra‐high‐speed microscopy highlighted the link between micro and macroscale failure processes and demonstrated that the carbonaceous inclusions are indeed the preferential sites for nucleation of wing cracks, as previously hypothesized based on post‐mortem observations. The relative orientation of an inclusion with respect to the compression axis was shown to affect the likelihood that it would participate in crack nucleation. All of the ceramics were also found to have orientation‐dependent peak compressive stress, regardless of the presence of carbonaceous inclusions, suggesting that grain orientation distributions are also important.