The laser-beam powder bed fusion process for metals, commonly abbreviated as PBF-LB/M, is a widely used process for the additive manufacturing of parts. Numerical simulations are useful to identify optimal process parameters for different materials and to obtain detailed insights into process dynamics. The present work uses a single-phase incompressible Smoothed Particle Hydrodynamics (SPH) scheme to model PBF-LB/M which was found to reduce the required computational time and significantly stabilize the partially violent flow in the melt pool in comparison to a weakly compressible SPH approach. The laser-material interaction is realistically modelled by means of a ray tracing method. An approach to model the effective thermal coductivity of the powder bed is proposed. Excellent agreement between the simulation results and experimental X-ray analyses of the transition from conduction melting mode to keyhole mode including geometric properties of the vapor depression zone was found. These results prove the usability of SPH as a high precision simulation tool for PBF-LB/M.