Dissolved-phase hyperpolarized xenon-129 imaging provides regional information on gas exchange between the lung airspaces, parenchymal tissues, and blood stream. Current spectroscopic techniques require that the dissolved-phase 129Xe signal be acquired with no gas-phase excitation. However, the short T2* of the dissolved-phase requires short RF pulses, limiting the spectral selectivity achievable. This, combined with the high spin density of the gas-phase relative to the dissolved-phase, leads to unwanted gas-phase excitation. In this work, we retrospectively remove contaminant gas-phase signal from both simulated and human subject images using a multi-echo acquisition with iterative estimation of the contaminant gas-phase signal.