The common bean is susceptible to drought conditions and the evaluation of plant responses to low water availability can be difficult. The quantification of chlorophyll fluorescence as a sensitive trait to environmental stresses is an important alternative in the characterization of drought-susceptible genotypes. The objective of this study was to evaluate mainly the use of chlorophyll α fluorescence (maximum efficiency of PSII (Fv/Fm), photochemical quenching (qP), non-photochemical quenching (NPQ)) and rapid light-response curves (RLCs) (initial slope of the curve (α), minimum saturation irradiance (Ik) and maximum relative electron transport rate (ETRmax)) parameters as tools for the identification of susceptible or tolerant bush bean cultivars to water deficit stress conditions in two different phenological stages. Using a randomized block design in a factorial arrangement, five bush bean cultivars (Cerinza, Bachue, NUA35, Bacata and Bianca) were evaluated under water deficit conditions by the suspension of irrigation for 15 days from 40 to 55 Days after Emergence (DAE) (vegetative stage) or 50 to 65 DAE (reproductive stage). The results showed that Fv/Fm and NPQ recorded the highest variation due to water deficit conditions, especially in the vegetative stage. The greatest reductions in Fv/Fm (0.67) and NPQ (0.71) were evidenced in cultivar NUA35 compared to its control plants (0.78 and 1.07, respectively). The parameters obtained from RLCs showed that cultivar Bacata registered the lowest α (0.17) and Ik (838.19 μmol∙m−2∙s−1) values compared to its control plants (α 0.23; Ik 769.99 μmol∙m−2∙s−1). Differences were only obtained in ETRmax in the reproductive stage (50–65 DAE) in which cultivar NUA35 reached values of 158.5 in stressed plants compared to control plants (251.22). In conclusion, the parameters derived from RLCs such as α and Ik can be used as tools to identify drought susceptibility in the vegetative stage, whereas ETRmax can be used in the reproductive stage. In addition, PSII photochemistry (Fv/Fm and NPQ) can also help to understand the agronomic responses of common bush bean cultivars to drought conditions.