[en] An algorithm for separating the high- and low-frequency molecular dynamics modes in Hybrid Monte Carlo (HMC) simulations of gauge theories with dynamical fermions is presented. The separation is based on splitting the pseudo-fermion action into two parts, as was initially proposed by Hasenbusch. We propose to introduce different evolution time-scales for each part. We test our proposal in realistic simulations of two-flavor O(a) improved Wilson fermions. A speed-up of more than a factor of three compared to the standard HMC algorithm is observed in a typical run. (orig.)