In the present work, a flow-induced vibration analysis (FIV) is performed on a horizontal pipe that transports water-air two-phase flow. In the study, a fluid-structure interaction transient model (FSI) was used, which considers the effects of the fluid field on the structural field and vice versa. First, different turbulence models RANS and LES were analyzed, in order to select the most suitable for the FIV study. The behavior of the variable pressure on the pipe wall was taken as the comparison criterion, since this is the load that generates vibration. The results show that both models are able to represent with good precision the behavior of the analyzed two-phase flow, as they capture the flow patterns in agreement with experimental results reported in the literature. The pressure fluctuations are also similar, so the RANS model, that is computationally less expensive, was selected. A PVC pipe of 1 m length, fixed at both ends, was considered in the FSI study. For the analyzed flow conditions, vibrations of 10 µm of amplitude and accelerations of  5 m/s, were captured.