Mechanisms of the light-induced ligand exchange reaction of (trans-I) Ru(dcbpy)(CO)2I2 (dcbpy = 4,4'-dicarboxylic acid-2,2'-bipyridine) in ethanol have been studied by transient absorption spectroscopy. Ultraviolet 20 fs excitation pulses centered at 325 nm were used to populate a vibrationally hot excited pi bipyridyl state of the reactant that quickly relaxes to a dissociative Ru-I state resulting in the release of one of the carbonyl groups. Quantum yield measurements have indicated that about 40% of the initially exited reactant molecules form the final photoproduct. A 62 fs rise component in the transient absorption (TA) signal was observed at all probe wavelengths in the visible region for the ongoing reaction, while the rise for the photoproduct was pulse limited (20 fs). We assign the observed 62 fs time component to the depopulation of the repulsive CO dissociative state. Vibrational coherences of the TA signals were observed at a wavenumber of 90 cm(-1). The resolved frequency, typical of I-Ru-I vibrational modes, is assigned to trans-cis isomerization of the iodines of the five-coordinated intermediate and damping of this oscillation in 500 fs to simultaneous solvent coordination. Cooling of the hot reactant and the product molecules occurs on a much slower time scale from 4 to 270 ps (Lehtovuori, V.; Aumanen, J.; Myllyperkiö, P.; Rini, M.; Nibbering, E. T. J.; Korppi-Tommola, J. J. Phys. Chem. A 2004, 108, 1644).