An integrated circuit dual-fluid heat exchanger has a housing containing first and second immiscible fluids. A heat-introducing base element contacts the first fluid. A heat-receiving surface on the base element is configured for interfacial contact with a heat-radiating surface of an integrated circuit device. A heat-removing condenser element contacts the second fluid, or is separated therefrom by a gap. The first and second fluids are selected to controllably remove heat from the integrated circuit device by forming heated mass units of the first fluid that migrate through the second fluid and come into contact with the condenser element, where they are cooled and allowed to return to the base element. A heat-expulsion portion on the condenser element is configured to dissipate heat removed by the condenser element to an exterior environment outside the heat exchanger.