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Pulmonary Hemorrhage
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The most serious nosebleeds are caused by pulmonary hemorrhage (bleeding into the lungs), and are caused by the horse breathing hard during exercise. The bleeding will always be seen after strenuous exercise.
Tumors
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If your horse develops a tumor in its sinuses or nasal cavity, it may exhibit nosebleeds as a symptom.
Ethmoid Hematoma
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Another exercise-induced type of nosebleed, an ethmoid hematoma is a small gathering of blood that builds up inside the nose's mucosal lining.
Fungal Infection
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If your horse has had a fungal infection in its nose, it may have affected the part of the carotid artery that runs next to the nose and results in blood leaking into the nose.
Diagnosis
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Endoscopic examinations and radiographs of the nose can help your veterinarian figure out why your horse is having nosebleeds.
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Why Would a Horse Have Nose Bleeds?
An occasional nosebleed is not cause for concern with horses. Most nosebleeds that don't occur on a regular basis result from dry weather or a scratch on the inside of the nose. These nosebleeds don't last long.