This paper proposes a new two-switch flyback converter that allows its switches to operate with less peak voltage stress than other flyback converters and with double their power transfer frequency. Moreover, the converter can operate with zero-voltage switching (ZVS) using just one auxiliary switch. In the paper, the operation of the proposed converter is explained. The converter's modes of operation are discussed in detail and analyzed so that the converter's steady-state characteristics can be determined. Based on these characteristics, a procedure for the design of the converter is established and the procedure is demonstrated with a detailed design example. Experimental results obtained from a prototype converter that confirm the feasibility of the converter are presented.