Steady-state and time-resolved emission studies on nanohybrids consisting of NaYF4:Yb,Er and a diiodo-substituted Bodipy (UCNP-IBDP) show that the Yb(3+) metastable state, formed after absorption of a near-infrared (NIR) photon, can decay via two competitive energy transfer processes: sensitization of IBDP after absorption of a second NIR photon and population of Er(3+) excited states.