We present a time-resolved experimental study of carrier dynamics in single wall carbon nanotubes (SWCNTs). This study is performed by means of pump-probe experiments in either a degenerate or a two-color configuration with a resonant excitation of semi-conductor SWCNTs. Both pump and probe are in resonance with the interband transitions of the semiconductor nanotubes (at 0.8 and 1.47 eV). We observe photobleaching with a typical recovery time of 1 ps. This non-linear response is governed by the carrier recombination at the band edge of semiconductor nanotubes. (C) 2002 Elsevier Science B.V. All rights reserved.