A liquid cooled charge air cooler includes a plurality of pairs of adjacent separator plates supported in parallel spaced relation. The pairs alternatingly define a first set of adjacent pairs in fluid communication with a charge air inlet and a charge air outlet, and a second set of adjacent pairs in fluid communication with a coolant inlet and a coolant outlet. Fins extend between adjacent plates of the first set of adjacent pairs to define a charge air flow path between the charge air inlet and the charge air outlet. A plurality of dams extend between adjacent plates of the second set of adjacent pairs in a select offset configuration to define a multi-pass coolant flow path between the coolant inlet and the coolant outlet. Each dam includes an associated bypass port allowing a portion of coolant to bypass at least a portion of the coolant flow path through the dams.