A novel experimental approach to the investigation of surface adsorbate reaction dynamics is presented. The direct time-resolved monitoring of the surface reaction transition state and product formation dynamics were accomplished via pump-probe mass spectrometry. As an example, methyl iodide molecules adsorbed at submonolayer coverage on an ultrathin magnesia film on Mo(100) were photoexcited to the A-band by ultrafast laser pulse irradiation. Employing time-delayed multiphoton ionization the dynamics of the dissociative methyl iodide transition state and of the emerging methyl photoproduct could be detected with femtosecond resolution. The reaction times deduced from the temporal evolution of the methyl ion mass signal indicate a strong interaction of the methyl fragment with the substrate surface prior to desorption.