A model-based inversion scheme was used to determine absolute chromophore concentrations from multiwavelength photoacoustic images. The inversion scheme incorporated a forward model, which predicted 2D images of the initial pressure distribution as a function of the spatial distribution of the chromophore concentrations. It comprised a multiwavelength diffusion based model of the light transport, a model of acoustic propagation and detection, and an image reconstruction algorithm. The model was inverted by fitting its output to measured photoacoustic images to determine the chromophore concentrations. The scheme was validated using images acquired in a tissue phantom at wavelengths between $590\mathrm{nm}$ and $980\mathrm{nm}$ . The phantom comprised a scattering emulsion in which up to four tubes, filled with absorbing solutions of copper and nickel chloride at different concentration ratios, were submerged. Photoacoustic signals were detected along a line perpendicular to the tubes from which images of the initial pressure distribution were reconstructed. By varying the excitation wavelength, sets of multiwavelength photoacoustic images were obtained. The majority of the determined chromophore concentrations were within $\pm 15\%$ of the true value, while the concentration ratios were determined with an average accuracy of $-1.2\%$ .