opposite charges toward opposite electrodes. On the other hand, light-emitting diodes (LEDs) require high rates of radiative recombination at low injection levels, in order to operate efficiently. This condition is best satisfied if the emitting species are excitons, as their radiative recombination rate is proportional to the exciton density. Conversely, light emission from free charges is quite inefficient at low carrier concentrations, since radiative decay is a second order process in the carrier density. Understanding exciton formation processes is therefore of importance to design perovskite materials that bolster light emission.However, exciton formation in hybrid perovskites has been elusive so far. The mass-action law, known as Saha equation, [12] foresees an equilibrium with predominance of free carriers for excited state densities relevant to devices, despite the fact that the measured exciton binding energy is larger than the ambient thermal energy, as for CH 3 NH 3 PbBr 3 (E b = 60 meV). [13] Saha equation also predicts the formation of a majority population of excitons at large excitation densities, but such crossover has not been observed yet, hinting that thermodynamic equilibrium between bound and unbound states may not be assumed. In order to identify the exciton formation processes, the determination of the photoexcitation kinetics becomes the central issue. The task has been pursued using an array of time-resolved optical spectroscopy techniques. Many reports investigated the photoexcitation dynamics by differential femtosecond transmission or reflection spectroscopy. [5,[14][15][16][17][18][19][20][21][22][23][24] This technique detects small changes in the linear absorption/reflection spectrum near the optical gap induced by a population of photoexcitations, but it is not very selective to the nature of photoexcitations. Terahertz (THz) pump-probe spectroscopy overcomes this limitation and directly measures the absorption spectrum due the internal quantum transitions of the exciton population (1s→2p,3p, and so on) and free electronhole plasma. In hybrid perovskites, the THz absorption spectrum also contains interfering contributions from phonon modes. Most experiments reported to date agree that free carriers are the only photoexcitations in hybrid perovskites; [3,[25][26][27] however, two recent studies suggest that transitions between excitonic Rydberg states are also observed in CH 3 NH 3 PbI 3 ; yet, the ensuing estimates of Understanding exciton formation is of fundamental importance for emerging optoelectronic materials, like hybrid organic-inorganic perovskites, as excitons are the lowest-energy photoexcitations in semiconductors, are electrically neutral, and do not directly contribute to charge transport, but can emit light more efficiently than free carriers. However, despite the increasing attention toward these materials, experimental results on the processes of formation of an exciton population in perovskites are still elusive. Here, an ultrafast differential photoluminescence ...