A proof-of-concept study on the use of a membrane reactor with multiple membrane bundles for carrying out homogeneous catalytic reactions was conducted. The membrane reactor operates in a plug-flow pattern with a large dispersion-free gas-catalyst interfacial area, which requires much less catalyst loading than the conventional bubble column reactors commonly used for homogeneous catalytic reactions. The multiple membrane bundles offer additional operational options by allowing the feed and product streams to be controlled separately. The advantages and operating characteristics of multiple-membrane-bundle reactors were investigated using a membrane reactor with two membrane bundles. Experimentally, the direct oxidation of ethylene to acetaldehyde in an aqueous solution of palladium(II) chloride-cupric chloride was conducted in a two-bundle polypropylene hollow fiber membrane reactor operating both as a single-bundle and as a two-bundle membrane reactor. The experimental results were successfully analyzed with a mathematical model. The results of this study provide evidence that a two-bundle membrane reactor could achieve higher conversions than a comparable single-bundle membrane reactor by controlling the flow rates of individual feed and product streams of the two-bundle membrane reactor.