Conjugated polymer nanoparticles based on poly[9,9-bis(2-ethylhexyl)fluorene] and poly[N-(2,4,6-trimethylphenyl)-N,N-diphenylamine)-4,4'-diyl] are fabricated using anionic surfactant sodium dodecylsulphate in water by miniemulsion technique. Average diameters of polyfluorene and polytriarylamine nanoparticles range from 70 to 100 and 100 to 140 nm, respectively. The surface of the nanoparticles is decorated with triplet emitting dye, tris(2,2'-bipyridyl)ruthenium(II) chloride. Intriguing photophysics of aqueous dispersions of these hybrid nanoparticles is investigated. Nearly 50% quenching of fluorescence is observed in the case of dye-coated polyfluorene nanoparticles; excitation energy transfer is found to be the dominant quenching mechanism. On the other hand, nearly complete quenching of emission is noticed in polytriarylamine nanoparticle-dye hybrids. It is proposed that the excited state electron transfer from the electron-rich polytriarylamine donor polymer to Ru complex leads to the complete quenching of emission of polytriarylamine nanoparticles. The current study offers promising avenues for developing aqueous solution processed-electroluminescent devices involving a conjugated polymer nanoparticle host and Ru or Ir-based triplet emitting dye as the guest.