We introduce a lattice Boltzmann model for simulating immiscible binary fluids in two dimensions. The model, based on the Boltzmann equation of lattice-gas hydrodynamics, incorporates features of a previously introduced discrete immiscible lattice-gas model. A theoretical value of the surface-tension coefficient is derived and found to be in excellent agreement with values obtained from simulations. The model serves as a numerical method for the simulation of immiscible twophase flow; a preliminary application illustrates a simulation of flow in a two-dimensional microscopic model of a porous medium. Extension of the model to three dimensions appears straightforward.