A model for transitional breakage probability of droplets in agitated lean fiquid-liquid dispersions is proposed based on the mechanism of breakage of droplets due to their oscillations resulting from relative velocity fluctuations. A universal transitional breakage probability in terms of non-dimensionalized drop diameter is derived for all dispersed phases whose density and viscosity are almost the same as that of continuous phase. The maximum stable drop diameter ds derived from the model, shows a dependence of NWe-0.6. It is shown that a "power law" approximation Kvn is valid for transitional breakage probability for d/ds up to 2. The exponent 2.67, predicted by this model corresponds rather well with an estimate of 2, obtained from experimental observations. A functional relation for the rate constant K in terms of the parameters and physical properties of the system is derived. A universal non-dimensionalized equilibrium drop-size distribution for agitated lean liquid-liquid dispersions is derived by analytical solution of a population balance equation simplified by order of magnitude estimates. Interestingly enough, this analytical solution is the same as the Gaussian distribution suggested empirically by Chen and Middleman. © 1979.