Nanocarriersi ncorporating therapeutic and imaging agentsw ithin as ingle nanostructure are emergingt ools for drug development and treatment planning. Additional information can be provided using activatable fluorescence that dynamically reports nanocarrier disruption and drugr elease. Dual-wavelengtha ctivation encodes au nique fluorescence signal for each nanocarrier state, enabling use of ratiometric imaging to measure the proportion of intact and disrupted nanocarriers within tissues. Here we investigate dualwavelength activation using as ingle dyew hose optical properties are intricately linked to the nanocarrier structure. Naturalb acteriochlorophyll incorporated within ac ompact lipoprotein nanocarrier forms ordered dye aggregates with red-shifted fluorescencee missionf rom 765 nm to 825 nm. We demonstrate that bacteriochlorophyll-ordered aggregation is af easible strategy to distinguish intact and disrupted theranostic nanocarriers by ratiometric fluorescence imaging.