The accurate assessment of the mean concentric barbell velocity (MCV) and its displacement are crucial aspects of resistance training. Therefore, the validity and reliability indicators of an easy-to-use inertial measurement unit (VmaxPro®) were examined. Nineteen trained males (23.1 ± 3.2 years, 1.78 ± 0.08 m, 75.8 ± 9.8 kg; Squat 1-Repetition maximum (1RM): 114.8 ± 24.5 kg) performed squats and hip thrusts (3–5 sets, 30 repetitions total, 75% 1RM) on two separate days. The MCV and displacement were simultaneously measured using VmaxPro® and a linear position transducer (Speed4Lift®). Good to excellent intraclass correlation coefficients (0.91 < ICC < 0.96) with a small systematic bias (p < 0.001; ηp2 < 0.50) for squats (0.01 ± 0.04 m·s−1) and hip thrusts (0.01 ± 0.05 m·s−1) and a low limit of agreement (LoA < 0.12 m·s−1) indicated an acceptable validity. The within- and between-day reliability of the MCV revealed good ICCs (0.55 < ICC < 0.91) and a low LoA (<0.16 m·s−1). Although the displacement revealed a systematic bias during squats (p < 0.001; ηp2 < 0.10; 3.4 ± 3.4 cm), no bias was detectable during hip thrusts (p = 0.784; ηp2 < 0.001; 0.3 ± 3.3 cm). The displacement showed moderate to good ICCs (0.43 to 0.95) but a high LoA (7.8 to 10.7 cm) for the validity and (within- and between-day) reliability of squats and hip thrusts. The VmaxPro is considered to be a valid and reliable tool for the MCV assessment.