A new mechanism is proposed for the formation of black holes in first-
order phase transitions in the Universe. Collisions between the walls
of bubbles of true vacuum are shown to give rise to an isolated region
(a bag) of false vacuum between them, which collapses with a high pro
bability into a black hole. Thus, primordial black holes become a sens
itive indicator of phase transitions, and astronomical limitations on
the spectrum of primordial black holes impose constraints on the param
eters of phase transitions of the first kind in the Universe.