We present a simple model for the solublization of hydrophobic colloidal particles, such as lipophilic drugs, in aqueous solutions through the use of bilayer-forming amphiphiles (surfactants or lipids). We predict that when the amphiphiles are in excess, there is a sharp transition from flocculated particles to dispersed ones. The system state (flocculated or dispersed particles) depends on the compressibility of the amphiliphiles and their interaction energy with the particles. When the amphiphiles are not in excess, the volume fraction of solubilized particles is predicted to increase linearly with amphiphile concentration, with a slope that depends on amphiphile characteristics. These predictions are found to be in agreement with experimental observations.