3D Gaussian Splatting (GS) enables fast and high-quality scene reconstruction, but it lacks an object-consistent and semantically aware structure. We propose Split&Splat, a framework for panoptic scene reconstruction using 3DGS. Our approach explicitly models object instances. It first propagates instance masks across views using depth, thus producing view-consistent 2D masks. Each object is then reconstructed independently and merged back into the scene while refining its boundaries. Finally, instance-level semantic descriptors are embedded in the reconstructed objects, supporting various applications, including panoptic segmentation, object retrieval, and 3D editing. Unlike existing methods, Split&Splat tackles the problem by first segmenting the scene and then reconstructing each object individually. This design naturally supports downstream tasks and allows Split&Splat to achieve state-of-the-art performance on the ScanNetv2 segmentation benchmark.