A variable displacement reciprocating pump with pumping rate that is adjustable from zero to maximum stroke while the pump is running. Stroke is varied by changing relative position of pairs of eccentric inner and outer cams that drive the pump's plungers. The pump's input drive shaft drives two gear trains: a first gear train that turns the inner cams and a second gear train that turns the outer cams. These cams normally revolve together with no relative motion occurring between them. A rotary actuator is positioned in the first gear train to rotate the inner cams relative to the outer cams and thereby changes the pump's stroke. A computerized system of sensors and control valves allows the pump to be automatically controlled or limited to any one or combination of desired output flow, pressure and horsepower.