The 27-year-old Lotto-Soudal rider, who has won the last two European time trial titles, covered 55.089 kilometres.
That effort topped the mark previously set in June 2015 when five-times Olympic champion and Tour de France winner Wiggins completed a distance of 54.526 km at London's Lee Valley VeloPark.
“It gives me great satisfaction to see the months of preparation being rewarded, Campenaerts said. "Today, everything fell into place.
"The entire Lotto Soudal team supported me in this mission, which of course created the necessary pressure. But that motivated me, even more, to make it something special.
“The goal before the attempt was of course to break the Hour Record, which was also a realistic goal. I maybe started a bit too optimistic but then I slowed down a bit and searched for a new pace that I could hold.
"At the end, I still had a difficult moment. I did not ride the perfect lines that I did in the beginning. During the final five minutes - which I rode on sheer will, I covered a lot of useless metres.”
“Already after ten to fifteen minutes, I had the feeling that it would be possible to break the record. At the end, it was close to reaching the magical boundary of 55 kilometres.
"Between fifteen and ten minutes before the end, I was struggling but because of the adrenaline rush, you’re able to push that little bit harder. You know what’s at stake and that makes it a little easier. A party? Of course, I will have a beer or two, but I’m still a professional.”
The Bicentenario velodrome in Aguascalientes sits at an altitude of 1,800m and has hosted several track-record bids.
To prepare, Campenaerts spent two months in Namibia for altitude training, took part in the Tirreno-Adriatico, his only early-season race, before flying to Mexico at the end of March to acclimatise himself and complete his preparations.
"We've seen a superb performance," UCI President David Lappartient said. "Well done to Victor, who had an amazing ride and showed his consistency from the start right through to the end of his attempt, a key factor in his success."
The current women's record of 48.007 km, set 14 September 2018 by Italian Vittoria Bussi was also held in the Velodromo Bicentenario in Aguascalientes.