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Trajectory reconstruction is the process of inferring the path of a moving object between successive observations. In this paper, we propose a smoothing spline—which we name the V-spline—that incorporates position and velocity information and a penalty term that controls acceleration. We introduce an adaptive V-spline designed to control the impact of irregularly sampled observations and noisy velocity measurements. A cross-validation scheme for estimating the V-spline parameters is proposed, and, in simulation studies, the V-spline shows superior performance to existing methods. Finally, an application of the V-spline to vehicle trajectory reconstruction in two dimensions is given, in which the penalty term is allowed to further depend on known operational characteristics of the vehicle.