Up and down motion of a spherical conductive particle in dielectric viscous fluid driven by a DC electric field between two parallel electrodes was investigated. A nonlinear differential equation, governing the particle dynamics, was derived, based on Newton's second law of mechanics, and solved numerically. All the pertaining dimensionless groups were extracted. In contrast to similar previous works, hydrodynamic interaction between the particle and the electrodes, as well as image electric forces, has been taken into account. Furthermore, the influence of the microdischarge produced between the electrodes and the approaching particle on the particle dynamics has been included in the model. The model results were compared with experimental data available in the literature, as well as with some additional experimental data obtained through the present study showing very good agreement. The results indicate that the wall hydrodynamic effect and the dielectric liquid ionic conductivity are very dominant factors determining the particle trajectory. A lower bound is derived for the charge transferred to the particle while rebounding from an electrode. It is found that the time and length scales of the post-microdischarge motion of the particle can be as small as microsecond and micrometer, respectively. The model is able to predict the so called settling/dwelling time phenomenon for the first time. Published by AIP Publishing. [http://dx