We study dynamic heterogeneities in a model glass former whose overlap with a reference configuration is constrained to a fixed value. We find that the system phase separates into regions of small and large overlap, indicating that a nonzero surface tension plays an important role in the formation of dynamical heterogeneities. We calculate an appropriate thermodynamic potential and find evidence of a Maxwell construction consistent with a spinodal decomposition of two phases. Our results suggest that even in standard, unconstrained systems dynamic heterogeneities are the expression of an ephemeral phase-separating regime ruled by a finite surface tension.Facultad de Ciencias ExactasInstituto de Investigaciones Fisicoquímicas Teóricas y Aplicadas