An analysis of dilute, turbulent particle/liquid two-phase flow is presented. The three-dimensional conservation equations that govern turbulent motion in solid/fluid hows are derived using ensemble averaging, and the unknown terms in these equations are constituted to achieve closure. These closure terms include the shear stress due to interparticle collisions, the corresponding terms in the Reynolds stress equation, the force and dissipation due to particle-wall collisions, and the interfacial work due to particle/turbulent eddy interaction. The resultant two-fluid model was then evaluated using a computational fluid dynamic (CFD) solver and the predictions were compared with experimental data. Good agreement was observed for a variety of flow conditions.