The perovskite CH₃NH₃PbI₃ excited‐state lifetimes exhibit conflicting experimental results under humid environments. Using ab initio nonadiabatic (NA) molecular dynamics, we demonstrate that the interplay between lead vacancy and water can rationalize the puzzle. The lead vacancy reduces NA coupling by localizing holes, slowing electron–hole recombination. By creating a deep electron trap state, the coexistence of a neutral lead vacancy and water molecules enhances NA coupling, accelerating charge recombination by a factor of over 3. By eliminating the mid‐gap state by accepting two photoexcited electrons, the negatively charged lead vacancy interacting with water molecules increases the carrier lifetime over 2 times longer than in the pristine system. The simulations rationalize the positive and negative effects of water on the solar cell performance exposure to humidity.