We introduce a new class of excitable systems with two-dimensional fast dynamics that includes inertia. A novel transition from excitability to relaxation oscillations is discovered where the usual Hopf bifurcation is followed by a cascade of period doubled and chaotic small excitable attractors and, as they grow, by a new type of canard explosion where a small chaotic background erratically but deterministically triggers excitable spikes. This scenario is also found in a model for a nonlinear Fabry-Perot cavity with one pendular mirror.