Bernoldi was born in Curitiba, Paraná. He originally wanted to be a jockey but received a go-kart as a gift for his seventh birthday. He drew inspiration from compatriots Nelson Piquet and Ayrton Senna. He began karting at nine and won multiple regional and national titles, taking the Brazilian Paulista Kart Championship every year from 1989 to 1991 and the Brazilian Kart Championship in 1990 and 1991. He placed third in the 1992 Paulista Kart Championship, third in the 1993 South American Kart Championship, and fourth in the 1993 Pan-American Kart Championship.
At sixteen Bernoldi travelled to Europe to begin single-seater racing. He entered the Formula Alfa Boxer series in Italy, then made a single entry in the Championnat de France Formule Renault. He subsequently entered the Eurocup Formula Renault 2.0, winning on his debut — the final round — and the following year taking nine victories in eleven rounds and the championship title. He joined the Promatecme team in British Formula Three in 1997. In early January 1997 a road traffic accident left him hospitalised and in a coma for three days; physiotherapy allowed him to race two months later. He took his first Formula Three win at Spa-Francorchamps, finished fifth in the championship, and placed third at the 1997 Macau Grand Prix. Remaining with Promatecme in 1998, he won six more races and finished runner-up to compatriot Mario Haberfeld. He was second at the 1998 Masters of Formula 3 and third at the 1998 Macau Grand Prix.
In 1999 Bernoldi joined the Red Bull Junior Team in International Formula 3000, driving a Lola T99/50-Zytek. Despite running fastest in a test with West Competition, he was not signed by that team. He scored two points in the season, placing eighteenth in the championship. Retained for 2000, he scored five points in three of ten rounds for sixteenth overall. Through the Red Bull Junior Team's links with Sauber, he tested for the Sauber F1 team in both seasons and also tested for Prost Grand Prix in 2000.
Bernoldi signed a three-year contract with Arrows for 2001, replacing Pedro de la Rosa; the deal came with a budget contribution from Bernoldi's side. Driving the A22-Asiatech, he matched teammate Jos Verstappen in qualifying pace on occasion but generally performed less well in races. His most noted moment was at the 2001 Monaco Grand Prix, where he held up David Coulthard's McLaren for 35 laps after Coulthard had fought through the field from a poor start; the delay drew public criticism from both Coulthard and McLaren team principal Ron Dennis, while Arrows team boss Tom Walkinshaw defended Bernoldi. He retired from ten of seventeen starts, with a highest finish of eighth at the German Grand Prix, and did not score championship points.
Arrows retained him for 2002, pairing him with Heinz-Harald Frentzen in the A23-Cosworth. At Sepang he overtook Michael Schumacher, though his driving in that race drew criticism from Allan McNish. Serious financial problems forced Arrows to withdraw three-quarters through the season; Bernoldi contested eleven races without scoring points. A potential Jordan Grand Prix drive did not materialise due to legal constraints, and he moved to the World Series by Nissan.
In his debut World Series by Nissan season (2003) Bernoldi won two races and finished sixth in the championship. In 2004 he again won two races and finished third. In mid-2004 he was named a test driver for BAR, completing two tests at the Circuito de Jerez. He also tested BAR's "Concept Car" — a hybrid F1 car combining a 2004 front setup with a 2005 rear. He remained with the team (renamed Honda Racing F1) through 2006. During 2006 his only race entry was in Argentina's TC 2000 series, although he also impressed in a Champ Car test with Rocketsports. In 2007 he competed in Stock Car Brasil, racing eleven of twelve rounds and finishing 13th with two podiums.
For 2008 Bernoldi signed with Rocketsports for the Champ Car World Series, but following the Champ Car–IRL reunification, Rocketsports withdrew. He then drove for Conquest Racing in the combined 2008 IndyCar Series. His best result in the final Champ Car-sanctioned race at Long Beach was fourth. His best result in the unified IndyCar Series was fifteenth at the 2008 Indianapolis 500. A collision with teammate Jamie Camara at Watkins Glen led Bernoldi to publicly criticise the team; a thumb injury ruled him out of the final two races, with Alex Tagliani substituting.
In 2009 Bernoldi drove full-time for Flamengo in the Superleague Formula and ran a partial Stock Car Brasil schedule. He also competed for Sangari Team Brazil in the FIA GT Championship, taking his first GT win at Paul Ricard. In 2010 he raced for Vitaphone Racing in the new FIA GT1 World Championship, scoring pole position and winning at his home circuit Interlagos. In 2011 he continued in the series with a Nissan GT-R for Sumo Power GT and entered four rounds of the GT Brasil for Ford GT Racing Team BMG.
In 2012 Bernoldi drove for Vita4One Team Italy in the Italian GT Championship, appeared for AF Waltrip in the FIA World Endurance Championship, and debuted in the International GT Open for AF Corse in a Ferrari 458 GT2. He also raced in the SPEED EuroSeries and entered the 500 Milhas de Kart do Beto Carreiro. In 2013 he entered the International Challenge of the Stars organised by Felipe Massa. Bernoldi retired from motorsport in 2015. His son, Bernardo "Beco" Bernoldi, is also a racing driver.
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