Axial dispersion of a tracer in a two-dimensional gas-liquid flow is studied computationally using a finite-volume/front-tracking method. The effects of Peclet number, capillary number, and segment size are examined. At low Peclet numbers, the axial dispersion is mainly controlled by the convection through the liquid films between the bubbles and channel walls. In this regime, the computational results are found to be in a very good agreement with the existing model due to Pedersen and Horvath ͓Ind. Eng. Chem. Fundam. 20, 181 ͑1981͔͒. At high Peclet numbers, the axial dispersion is mainly controlled by the molecular diffusion, with some convective enhancement. In this regime, a new model is proposed and found to agree well with the computational results. These Peclet number regimes are shown to persist for different slug lengths. The axial dispersion is found to depend weakly on the capillary number in the diffusion-controlled regime. Finally, computational simulations are performed for the cases of six bubbles to mimic bubble trains, and results are compared with the theoretical models.