Bipolar faradaic depolarization of the metal/solution interface is quantitatively analyzed for the case where the solution is subject to lateral flow and contains a quasi-reversible redox couple. Transversal convective diffusion of the electroactive species and a position-dependent degree of reversibility of the interfacial electron-transfer (e.t.) reaction are among the primary features that govern depolarization. The spatial distributions of species concentrations and electric potential are numerically simulated. The system is characterized by nonlinear coupling between the transport (diffusion and flow) and the electric potential distribution under conditions of finite local currents. The resulting picture is that the reversibility of the e.t. reaction varies with position on the surface, with the highest reversibility downstream. This, in itself, generally leads to strongly asymmetric profiles of the faradaic current density along the surface. The impact on the electrokinetic properties of the interface is huge. For example, the steady-state streaming potential is depressed by the contribution from the bipolar faradaic process to the back current to an extent that varies from insignificant to complete, depending on the e.t. rate constant and concentrations of the electroactive species.