A new model of convection and mixing is presented. The fluid is envisioned as being composed of two buoyant interacting fluids, calledthermalsandanti-thermals. In the context of the Boussinesq approximation, pairs of governing equations are derived for thermals and anti-thermals. Each pair meets an Invariance Principle as a consequence of the reciprocity in the roles played by thermals and anti-thermals. Each pair is transformed into an average equation for which interaction terms cancel and another very simple equation linking the two fluid properties. An important parameter of the model is the fraction,f, of area occupied by thermals to the total area. A dynamic saturation equilibrium between thermals and antithermals is assumed. This implies a constant values offthroughout the system. The set of equations is written in terms of mean values and root-mean-square fluctuations, in keeping with equations of turbulence theories. The final set consists of four coupled non-linear differential equations. The model neglects dissipation and can be applied to any convective situations where molecular viscosity and diffusivity may be neglected. Applications of the model to mixed-layer deepening and penetrative convection are presented in subsequent papers.