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The dynamics of photoexcited electrons in GaAs and InP were studied using the transmission of 200‐fs pulses of far‐infrared radiation in the spectral range 15–100 cm-1. Kinetic traces of the infrared transmission as a function of delay between optical excitation and infrared probe show a probe‐limited decrease in transmission followed by a more gradual (0.7–2 ps) drop to a steady value, consistent with the slow return of electrons from high‐mass satellite valleys. Infrared transmission spectra, analyzed in the context of a Drude model, reveal density‐dependent electron mobilities 3–4 times below equilibrium n‐doped values. Electron‐hole collisions likely account for the lower mobility.