The evolution of moments of the concentration of each of the species in a two‐species, very rapid, isothermal, irreversible, second‐order, chemical reaction in a homogeneous turbulence is described in terms of assumed initial distributions of the concentration fields. The fields decay in two stages. In the stage dominated by chemical kinetics, exact stochastic solutions are derived for a class of initial distributions. These solutions exhibit asymptotic concentration fields having an extremely high relative intensity and skewness associated with the spatial segregation of the species. In the second or diffusion controlled stage exact solutions are obtained in terms of the turbulent mixing of a nonreacting species when the molecular diffusivities of the species are equal. An approximate solution is proposed when they are unequal. In both cases the time scale of decay in the second stage is entirely characterized by turbulent mixing parameters. It is shown that in final period turbulence the reactants decay with an effective diffusivity of the same order as the smaller of the two diffusivities.