In 2 O 3-x (OH) y nanoparticles have been shown to function as an effective gas-phase photocatalyst for the reduction of CO 2 to CO via the reverse water-gas shift reaction. Their photocatalytic activity is strongly correlated to the number of oxygen vacancy and hydroxide defects present in the system. To better understand how such defects interact with photogenerated electrons and holes in these materials, we have studied the relaxation dynamics of In 2 O 3-x (OH) y nanoparticles with varying concentration of defects using two different excitation energies corresponding to above-band-gap (318-nm) and near-band-gap (405-nm) excitations. Our results demonstrate that defects play a significant role in the excited-state, charge relaxation pathways. Higher defect concentrations result in longer excited-state lifetimes, which are attributed to improved charge separation. This correlates well with the observed trends in the photocatalytic activity. These results are further supported by density-functional theory calculations, which confirm the positions of oxygen vacancy and hydroxide defect states within the optical band gap of indium oxide. This enhanced understanding of the role these defects play in determining the optoelectronic properties and charge carrier dynamics can provide valuable insight toward the rational development of more efficient photocatalytic materials for CO 2 reduction.indium oxide | solar fuels | CO 2 hydrogenation | transient absorption | surface defects C oncerns over climate change and the projected rise in global energy demand have motivated researchers to develop alternative, more sustainable ways to generate energy from naturally abundant and renewable sources (1-3). An important challenge associated with using renewable energy sources, such as solar, is their inherent intermittent nature (4-6). The emerging field of solar fuels seeks to address this issue by storing radiant solar energy in chemical bonds, which can then be released on demand and act as a drop-in replacement for traditional fossil fuels (7-11). By using the greenhouse gas, CO 2 , currently regarded as a waste product, as a feedstock and converting it into valuable products such as solar fuels or platform chemicals, we could simultaneously address concerns over climate change and energy security while creating significant economic benefits (12)(13)(14). However, despite recent advances in the development of active materials that can drive the photocatalytic reduction of CO 2 into useful chemical species, much remains unknown about the fundamental physical properties that control the activity of a photocatalyst. To facilitate the rational development and improvement of photocatalytic materials, a detailed understanding of the complex interplay between chemical, optical, and electronic processes is needed.Indium oxide has many favorable optical, electronic, and surface properties that make it a compelling choice as a photocatalyst for CO 2 reduction. It has a relatively high conduction band, and common defects such as oxyge...