Graphitic carbon nitride (gCN) is a promising organic platform for driving light-activated charge-transfer reactions in a number of valuable photocatalytic cycles. A primary limitation of gCN as a photocatalyst is its short excited-state lifetime, which is mediated by a high density of trap and defect sites that result in rapid excited-state decay and low photocatalytic efficiency. To enhance the catalytic activity, gCN is often functionalized with a metal co-catalyst; however, the mechanism by which metal co-catalysts enhance the reactivity has not been clearly established. In this work, the excited-state dynamics of gCN and silver-modified gCN are compared using ultrafast transient absorption and time-resolved photoluminescence spectroscopies. In silver-modified gCN, an ultrafast spectral shift in the silver plasmon resonance provides direct spectral evidence of electron transfer from gCN to the silver nanoparticles. The electron-transfer rate is competitive with other non-radiative relaxation pathways, with electron-transfer yields approaching 50%, thus providing an effective strategy for mitigating losses associated with defects and trap sites.