We report on excited state dynamics in isolated poly(9,9-dioctylfluorene) chains obtained by embedding the polymer in an inert plastic matrix. Early events (<300 fs) of intrachain photophysics are detected by pump-probe spectroscopy using tunable UV 25-fs pump pulses and sub-10-fs visible probe pulses. We show that higher-lying optical states, reached by multiphoton transitions, give rise to on-chain charge separation on the ultrafast time scale. The intrachain charge pair decays geminately within 500 fs to the lowest singlet state. Characteristic time scales for internal conversion and intramolecular vibrational redistribution are also determined.