This numerical study explores the physical processes involved in breaking waves. The two-dimensional, incompressible, unsteady Navier-Stokes equations are solved in sufficiently refined grids to capture viscous and capillary effects. The immiscible interface, characterized by a jump in density and viscosity, is embedded in the domain and a hybrid front tracking/capturing method is used to characterize the moving interface of this multiphase flow. A parametric study is conducted to assess the role of surface tension, Reynolds number, density, and viscosity on the breaking process, as well as their role in the vorticity redistribution and energy dissipation beneath the surface.