Ultrafast, light-induced dynamics in copper–zinc–tin–sulfide (CZTS) photovoltaic nanoparticles are investigated through a combination of optical and x-ray transient absorption spectroscopy. Laser-pump, x-ray-probe spectroscopy on a colloidal CZTS nanoparticle ink yields element-specificity, which reveals a rapid photo-induced shift of electron density away from Cu-sites, affecting the molecular orbital occupation and structure of CZTS. We observe the formation of a stable charge-separated and thermally excited structure, which persists for nanoseconds and involves an increased charge density at the Zn sites. Combined with density functional theory calculations, the results provide new insight into the structural and electronic dynamics of CZTS absorbers for solar cells.