A global hybrid extension of variational two-electron reduced-density matrix (v2RDM)-driven multiconfiguration pair-density functional theory (MCPDFT) is developed. Using a linear decomposition of the electron-electron repulsion term, a fraction λ of the nonlocal exchange interaction, obtained from v2RDM-driven complete active-space self-consistent field (CASSCF) theory, is combined with its local counterpart, obtained from an on-top pair-density functional. The resulting scheme (called λ-MCPDFT) inherits the benefits of MCPDFT (e.g., its simplicity and the resolution of the symmetry dilemma), and, when combined with the v2RDM approach to CASSCF, λ-MCPDFT requires only polynomially scaling computational effort. As a result, it can efficiently describe static and dynamical correlation effects in strongly correlated systems. The efficacy of the approach is assessed for several challenging multiconfigurational problems, including the dissociation of molecular nitrogen, the double dissociation of a water molecule, and the 1,3-dipolar cycloadditions of ozone to ethylene and ozone to acetylene in the O3ADD6 benchmark set.Throughout this work, we use the conventional notation of MR methods when labeling the orbitals: the indices i, j, k, and l denote inactive (doubly occupied) orbitals; t, u, v, and w represent active orbitals; and p, q, r, and s indicate general orbitals. A summation over repeated indices is implied in all expressions. We begin by defining the non-relativistic Born-Oppenheimer electronic Hamiltonian H = h p qâ † pσâ qσ + 1 2 ν pq rsâ † pσâ † qτâ sτârσ(1)