New laminar flame speed and burned-gas Markstein length data for H2–CO–O2–CO2–He mixtures have been measured from spherically expanding flames. Experiments were conducted at 10 atm and room temperature for H2:CO ratios ranging from 2:1 to 1:4 and for overall CO2 mole fractions from 0% to 30%. CO2 dilution had little effect on Markstein length, but CO2 dilutions of 10%, 20%, and 30% caused average reductions in flame speed of 47%, 73%, and 89%, respectively, regardless of H2:CO ratio. The study was designed to isolate the dilution effect of CO2 on flame speed, and a detailed analysis using the FCO2 method was used to show that the chemical-kinetic participation of CO2 was responsible for up to 20% of the reduction in flame speed. Hence, the majority (80% or more) of the reduction in flame speed due to CO2 is from the thermal effect. Accurate flame speed predictions were produced by five different chemical kinetics mechanisms for most conditions, with the slight exception of high-CO, high-CO2 mixtures. A thorough sensitivity analysis highlighted the larger effect of CO2 dilution on the important kinetics reactions than the effect of changing H2:CO. Sensitivity analysis also showed that the chain branching reaction H2O + O ⇌ OH + OH could be modified (albeit beyond its uncertainty) to achieve more accurate flame speed predictions, but also indicated that further improvement of flame speed modeling would require changes to many lesser reactions.