In physical systems, decoherence can arise from both dissipative and dephasing processes. In mechanical resonators, the driven frequency response measures a combination of both, whereas time-domain techniques such as ringdown measurements can separate the two. Here we report the first observation of the mechanical ringdown of a carbon nanotube mechanical resonator. Comparing the mechanical quality factor obtained from frequency-and time-domain measurements, we find a spectral quality factor four times smaller than that measured in ringdown, demonstrating dephasing-induced decoherence of the nanomechanical motion. This decoherence is seen to arise at high driving amplitudes, pointing to a nonlinear dephasing mechanism. Our results highlight the importance of time-domain techniques for understanding dissipation in nanomechanical resonators, and the relevance of decoherence mechanisms in nanotube mechanics.