We demonstrate a method for measuring optical loss simultaneously at multiple wavelengths with cavity ring-down spectroscopy (CRD). Phase-shift CRD spectroscopy is used to obtain the absorption of a sample from the phase lag of intensity modulated light that is entering and exiting an optical cavity. We performed dual-wavelength detection by using two different laser light sources and frequency-division multiplexing. Each wavelength is modulated at a separate frequency, and a broadband detector records the total signal. This signal is then demodulated by lock-in amplifiers at the corresponding two frequencies allowing us to obtain the phase-shift and therefore the optical loss at several wavelengths simultaneously without the use of a dispersive element. In applying this method to fiber-loop cavity ring-down spectroscopy, we achieve detection at low micromolar concentrations in a 100 nL liquid volume. Measurements at two wavelengths (405 and 810 nm) were performed simultaneously on two dyes each absorbing at mainly one of the wavelengths. The respective concentrations could be quantified independently in pure samples as well as in mixtures. No crosstalk between the two channels was observed, and a minimal detectable absorbance of 0.02 cm(-1) was achieved at 405 nm.