[en] We present a consistent calculation of bubble-nucleation rates in theories of two scalar fields. Our approach is based on the notion of a coarse-grained free energy that incorporates the effects of fluctuations with momenta above a given scale k. We establish the reliability of the method for a variety of two-scalar models and confirm the conclusions of previous studies in one-field theories: Langer's theory of homogeneous nucleation is applicable as long as the expansion around the semi-classical saddle point associated with tunnelling is convergent. This expansion breaks down when the exponential suppression of the rate by the saddle-point action becomes comparable to the pre-exponential factor associated with fluctuations around the saddle point. We reconfirm that Langer's theory is not applicable to the case of weakly first-order phase transitions. We also find that the same is true in general for radiatively induced first-order phase transitions. We discuss the relevance of our results for the electroweak phase transition and the metastability bound on the Higgs-boson mass