We utilize time-resolved dual-comb spectroscopy to measure the temporal evolution of the population number densities and absorption excitation temperature of Fe in a laser-induced plasma. The spectra of three excited-state transitions of Fe around 533 nm are simultaneously measured at different time delays following laser ablation of a stainless steel sample. This Letter probes late-time behaviors of laser-induced ablation plumes during plasma cooling. The high spectral resolution and broad spectral coverage of the dual-comb technique, combined with the time-resolved measurement capability shown here, will aid in the characterization of laser induced plasmas, including species identification and molecule and particle formation that can occur at later times in the plasma evolution.