A reactor for two-phase reaction, in particular for urea synthesis at high pressure and temperature of the type wherein a co-current flow of a gaseous phase and a liquid phase takes place, comprises a substantially cylindrical vertical external shell (2) in which is supported a plurality of superimposed horizontal perforated plates (6a-6e) in mutually spaced relationship and at least one opening (12a-12e) for liquid flow being defined in correspondence of each of the perforated plates. Advantageously the openings (12a-12e) for liquid flow are mutually offset so as to obtain a substantially zigzag preferential flow path for the liquid phase in the reactor.