Strong, coherent, quasi-periodic brightness oscillations (QPOs) with frequencies ranging from about 300 Hz to 1200 Hz have been discovered with the Rossi X-ray Timing Explorer in the X-ray emission from some fifteen neutron stars in low-mass binary systems. Two simultaneous kilohertz QPOs differing in frequency by 250 to 350 Hertz have been detected in twelve of the fifteen sources. Here we propose a model for these QPOs. In this model the X-ray source is a neutron star with a surface magnetic

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... ield of 10^7 to 10^10 G and a spin frequency of a few hundred Hertz, accreting gas via a Keplerian disk. The frequency of the higher-frequency QPO in a kilohertz QPO pair is the Keplerian frequency at a radius near the sonic point at the inner edge of the Keplerian flow whereas the frequency of the lower-frequency QPO is approximately the difference between the Keplerian frequency at a radius near the sonic point and the stellar spin frequency. This model explains naturally many properties of the kilohertz QPOs, including their frequencies, amplitudes, and coherence. We show that if the frequency of the higher-frequency QPO in a pair is an orbital frequency, as in the sonic-point model, the frequencies of these QPOs place interesting upper bounds on the masses and radii of the neutron stars in the kilohertz QPO sources and provide new constraints on the equation of state of matter at high densities. Further observations of these QPOs may provide compelling evidence for the existence of a marginally stable orbit, confirming a key prediction of general relativity in the strong-field regime.