A liquid metal fueled Brayton cycle power system with a direct contact heat exchanger. In this invention, a compressor compresses the working gas. A regenerator preheats the compressed working gas and passes the working gas to a reactor/storage tank with liquid metal fuel stored therein. An oxidant is injected into the reactor/storage tank to react with the liquid metal fuel. The compressed working gas bubbles through the liquid metal fuel in the reactor/storage tank and is heated by direct contact with the fuel-oxidant mixture. A turbine expands the heated working gas and thereby withdraws power from the system. The spent working gas exits to the regenerator where it warms the compressed gas. A cooler reduces the working gas temperature and recirculates the gas to the compressor.