With the advent of the Semantic Web, the question becomes important how to best combine open-world based ontology languages, like OWL, with closed-world rules paradigms. One of the most mature proposals for this combination is known as Hybrid MKNF knowledge bases [11], which is based on an adaptation of the stable model semantics to knowledge bases consisting of ontology axioms and rules. In this paper, we propose a well-founded semantics for such knowledge bases which promises to provide better efficiency of reasoning, which is compatible both with the OWL-based semantics and the traditional well-founded semantics for logic programs, and which surpasses previous proposals for such a well-founded semantics by avoiding some issues related to inconsistency handling.