In one aspect, an electrically-powered wheel assembly for a work vehicle may include an axle and a wheel configured to rotate relative to the axle. The wheel may, in turn, be positioned outward from the axle in a radial direction such that a wheel cavity is defined between the wheel and the axle in the radial direction. The wheel assembly may also include a first electric motor configured to rotationally drive the wheel relative to the axle, with the first electric motor positioned within the wheel cavity and configured to receive electric power from a power source. Furthermore, the wheel assembly may include a second electric motor positioned within the wheel cavity and configured to rotationally drive the wheel relative to the axle, with the second electric motor configured to receive electric power through the first electric motor.