The study investigates empirical properties of reasoning speed which is conceived as the fluency of solving reasoning problems. Responses and response times in reasoning tasks are modeled jointly to clarify the covariance structure of reasoning speed and reasoning ability. To determine underlying abilities, the predictive validities of two cognitive covariates, namely perceptual and executive attention, are investigated. A sample of N = 230 test takers completed a reasoning test, Advanced Progressive Matrices (APM), and attention tests indicating perceptual and executive attention. For modeling responses the two-parameter normal ogive model, and for modeling response times the two-parameter lognormal model was applied. Results suggest that reasoning speed is a unidimensional construct representing significant individual differences, and that reasoning speed and ability are negatively correlated but clearly distinguishable constructs. Perceptual and executive attention showed differential effects on reasoning speed and reasoning ability, i.e., reasoning speed is explained by executive attention only, while reasoning ability is explained by both covariates. Implications for the assessment of reasoning are discussed.