Syntactic foams are hollow particle filled polymeric materials. In the present study, syntactic foams are fabricated by varying the volume fraction and density of microballoons. Three-point bend tests are conducted on foam samples to determine their fracture toughness. The results show that the syntactic foam samples failed in a brittle manner under tensile mode at lower microballoon volume fractions. At higher volume fractions the samples showed failure in both compressive and tensile regions. It is found that fracture toughness decreases with increase of the microballoon volume fraction and the fracture toughness increases with the increase of microballoons density. Extensive scanning electron microscopic observations are taken to determine the fracture features for all types of syntactic foams.