Illustrative embodiments of impact tools with speed controllers and methods of controlling such impact tools are disclosed. In at least one illustrative embodiment, an impact tool may comprise a ball-and-cam impact mechanism including a hammer and an anvil. The hammer may be configured to rotate about a first axis and to translate along the first axis to impact the anvil to cause rotation of the anvil about the first axis. The impact tool may further comprise a motor and a speed controller. The motor may include a rotor configured to rotate when a flow of compressed fluid is supplied to the rotor to drive rotation of the hammer of the ball-and-cam impact mechanism. The speed controller may be coupled to the rotor and may be configured to throttle the flow of compressed fluid supplied to the rotor based on a rotational speed of the rotor.