Background: Thoracolumbar flexion–extension range of motion (FE ROM) in horses is difficult to assess reliably using subjective evaluation. A handheld, smartphone-based markerless computer vision system (Anonymised, RH) may enable objective field-based assessment but requires validation against an established optical motion capture reference system (Qualisys®; QS). Objectives: To compare the accuracy and precision of RH relative to QS for measuring FE ROM in horses trotting on a straight-line and on a circle. Study Design: Cross-sectional comparative validation study of a markerless computer vision algorithm. Methods: Fifty-nine horses were recorded trotting on a straight-line; 23 of these were also recorded on a circle. Data were collected simultaneously using RH and QS, with a marker light used for temporal synchronisation. Anatomical landmarks at the withers, mid-back, and croup were used to calculate the flexion–extension angle at the mid-back. FE ROM was derived at the stride-level as the difference between stride-specific maxima and minima. Agreement between RH and QS was analysed separately for straight-line and circular trot at stride- and trial-levels using mean signed error (MSE), mean absolute error (MAE), and Bland–Altman limits of agreement (LoA). Results: On the straight-line, stride-level MSE was −0.08°, MAE 0.96°, and LoA −2.49° to 2.32°. Trial-level agreement improved, with MSE −0.13°, MAE 0.44°, and LoA −1.22° to 0.94°. On the circle, stride-level MSE was −0.71°, MAE 1.14°, and LoA −3.17° to 1.74°. At the trial-level, variability was reduced (MSE −0.62°, MAE 0.78°, LoA −2.18° to 0.93°). Overall agreement was lower on the circle than on the straight-line. Conclusions: Stride-level agreement between RH and QS was influenced by expected stride-to-stride variability, particularly during circular exercise, while trial-level agreement was improved. RH enables objective assessment of FE ROM under field conditions.