Compact plate heat exchangers are a very promising technology and lately they are being considered for potential use as steam generators in Small Modular Reactors. However, there is a lack of scientific literature on their operation with two-phase flows, especially with non-refrigerant fluids. In this study, we conducted experiments to visualize and measure the pressure drop of a two-phase flow in a Chevron-type Plate Heat Exchanger. An air–water mixture was used in adiabatic conditions as the operating fluid in upward-flow configuration. Visualization was achieved through high-framerate videos. This study covers a wide range of operating conditions, surpassing those documented in existing literature by specifically analyzing also the region of very low mass flux for both phases. The tested conditions ranged from 6 to 365 kg/m2s of water and from 0.02 to 5 kg/m2s of air. Single-phase pressure drops were measured to establish a correlation for the Darcy friction factor. Instead, measurements of the pressure drop in two-phase conditions were processed and presented using a non-dimensional form referred to as the two-phase multiplier. The adoption of a void-fraction model played a crucial role in accurately extrapolating the frictional component of the pressure drop from the measurements, resulting in less scattered data on the Lockhart–Martinelli plot. In addition, the observed flow structures were categorized into distinct regimes (fine-coarse bubbly, Taylor-like bubbly, heterogeneous, partial film, and film flow) based on visual observation and were represented on a flow map. Finally, these data were used to develop new criteria for predicting flow pattern transitions.