A process for producing foam particles from expanded thermoplastic elastomer involves (a) mixing a thermoplastic elastomer melt with a blowing agent in an extruder; (b) pressing the thermoplastic elastomer melt mixed with the blowing agent through a die plate into a pelletizing chamber; and (c) comminuting the thermoplastic elastomer melt pressed through the die plate into individual pellets. A liquid flows through the pelletizing chamber, and the pressure and temperature of the liquid are chosen such that the pellets are expanded to a desired degree in the liquid by the blowing agent and solidify to form foam particles. Additionally, the liquid in the pelletizing chamber contains wax which accumulates on the surface of the pellet during the cutting and expansion in the pelletizing chamber; and/or after separation from the liquid and drying of the foam particles, a wax is applied to the foam particles of expanded thermoplastic elastomer.