The performance of a chromatographic reactor in the presence of phase split and multiple convective phases is assessed theoretically. For this purpose, an equilibrium theory model is established, accounting for adsorption, two-phase flow, and a reversible reaction with negligible kinetic limitations. The model is solved for an exemplary esterification system, yielding n-hexyl-acetate and water as products. Evaluating the batch elution behavior under standard single phase and novel two-phase flow conditions, it is found that pure products can be achieved in both cases and that the two-phase flow behavior can positively affect the separation performance.