Free-space electro-optic (EO) modulators operating at gigahertz and beyond are attractive for a wide range of emerging applications, including high-speed imaging, free-space optical communication, microwave photonics, and diffractive computing. Here, we experimentally demonstrate a high-speed plasmonic metasurface EO modulator operating in a near-infrared wavelength range with a gigahertz modulation bandwidth. To achieve efficient intensity modulation of reflected light from an ultrathin metasurface layer, we utilize the bimodal plasmonic resonance inside a subwavelength metal–insulator–metal grating, which is precisely tuned to satisfy the critical coupling condition. As a result, perfect absorption of −27 dB (99.8%) and a high quality (Q) factor of 113 are obtained at a resonant wavelength of 1650 nm. By incorporating an EO polymer inside the grating, we achieve a modulation depth of up to 9.5 dB under an applied voltage of ±30 V. The 3-dB modulation bandwidth is confirmed to be 1.25 GHz, which is primarily limited by the undesired contact resistance and the output impedance of the driver. Owing to the high electrical conductivity of metallic gratings and a compact device structure with a minimal parasitic capacitance, the demonstrated device can potentially operate at several tens of gigahertz, which opens up exciting opportunities for ultrahigh-speed active metasurface devices in various applications.