Three current paths are proposed, and theoretical analysis and laboratory tests are carried out to investigate the root causes of bearing failure in IGBT inverter-fed locomotives and EMUs. The three types of current paths that run through the drive unit bearings and axle box bearings used on EMUs and electric locomotives are classified as the primary side current path, the main traction system current path, and the current path between the vehicles of the EMU or electric locomotive and the vehicles it hauls. The research found that the EDM current path in the main traction system caused by common mode voltage is distinguished as the main cause resulting in the failure of the bogie motor bearings or the bearings of the load connected to the motor shaft. The cause of common mode voltage is analyzed, and the thresholds of current density and voltage without causing bearing damage are analyzed and presented. The lab tests carried out on the bearings on the main traction system’s current path verified that the current path does exist. The proof to identify electric erosion, such as craters and washboards, and corresponding measures to prevent the failure of bogie bearings are proposed. Further research about the other two current paths is urgent and necessary.