Correct prediction of particle transport by surface waves is crucial in many practical applications such as search and rescue or salvage operations and pollution tracking and clean-up efforts. Recent results by Deike et al. (J. Fluid Mech., vol. 829, 2017, pp. 364-391) and Pizzo et al. (J. Phys. Oceanogr., vol. 49, no. 4, 2019, pp. 983-992) have indicated transport by deep-water breaking waves is enhanced compared with non-breaking waves. To model particle transport in irregular waves, some of which break, we develop a stochastic differential equation describing both mean particle transport and its uncertainty. The equation combines a Brownian motion, which captures non-breaking drift-diffusion effects, and a compound Poisson process, which captures jumps in particle positions due to breaking. From the corresponding Fokker-Planck equation for the evolution of the probability density function for particle position, we obtain closed-form expressions for its first three moments. We corroborate these predictions with new experiments, in which we track large numbers of particles in irregular breaking waves. For breaking and non-breaking wave fields, our experiments confirm that the variance of the particle position grows linearly with time, in accordance with Taylor's single-particle dispersion theory. For wave fields that include breaking, the compound Poisson process increases the linear growth rate of the mean and variance and introduces a finite skewness of the particle position distribution.