A single captured image of a real-world scene is usually insufficient to reveal all the details due to under- or over-exposed regions. To solve this problem, images of the same scene can be first captured under different exposure settings and then combined into a single image using image fusion techniques. In this paper, we propose a novel probabilistic model-based fusion technique for multi-exposure images. Unlike previous multi-exposure fusion methods, our method aims to achieve an optimal balance between two quality measures, i.e., local contrast and color consistency, while combining the scene details revealed under different exposures. A generalized random walks framework is proposed to calculate a globally optimal solution subject to the two quality measures by formulating the fusion problem as probability estimation. Experiments demonstrate that our algorithm generates high-quality images at low computational cost. Comparisons with a number of other techniques show that our method generates better results in most cases.