In metal-halide perovskites (MHPs), the nature of organic cations affects both, the perovskite’s structure and its optoelectronic properties. Using ultrafast pump-probe spectroscopy, we demonstrate that in state-of-the-art mixed-cation MHPs ultrafast photo-induced bandgap narrowing occurs, and linearly depends on the excited carrier density in the range from 1016 cm− 3 to above 1018 cm− 3. Furthermore, time-domain terahertz (td-THz) photoconductivity measurements reveal that the majority of carriers are localized and that the localization increases with the carrier density. Both observations, the bandgap narrowing and carrier localization, can be rationalized by ultrafast (sub-2ps) photo-induced enhancement of electron-phonon coupling, originating from dynamic disorder, as clearly evidenced by the presence of a Debye relaxation component in the terahertz photoconductivity spectra. The observation of photo-induced enhancement of electron-phonon coupling and dynamic disorder not only provides specific insight into the polaron-strain distribution of excited states in MHPs, but also adds to the development of a concise picture of the ultrafast physics of this important class of semiconductors.