We investigate how fast and how effective photocarrier excitation can modify the exchange interaction Jex in the prototype Mott-Hubbard insulator. We demonstrate an ultrafast quenching of Jex both by evaluating exchange integrals from a time-dependent response formalism, and by explicitly simulating laser-induced spin precession in an antiferromagnet that is canted by an external magnetic field. In both cases, the electron dynamics is obtained from nonequilibrium dynamical mean-field theory. We find that the modified Jex emerges already within a few electron hopping times after the pulse, with a reduction that is comparable to the effect of chemical doping. PACS numbers: 75.78.Jp,71.10.Fd Magnetic long-range order and the dynamics of spins in magnetic materials are governed by the exchange interaction J ex , the strongest force of magnetism. Because J ex emerges from the Pauli principle and the electrostatic Coulomb repulsion between electrons, it is sensitive to purely nonmagnetic perturbations. This fact implies intriguing and largely unexplored possibilities for the ultrafast control of magnetism by femtosecond laser pulses, which is currently a very active research area [1]. In principle, laser-excitation can effect J ex by modulating the electronic structure (electron hopping, Coulomb repulsion) and by creating a nonequilibrium distribution of photoexcited carriers (photodoping). A modification of J ex has been discussed within the context of experiments on manganites [2-4], magnetic semi-conductors [5], and, using static field gradients, ultracold atoms in optical lattices [6,7]. While it might play a role as well in metallic ferromagnets [8][9][10][11], ultrafast demagnetization [12] and laser-induced magnetization reversal [13][14][15] seem at least partly understood in terms of a given time-independent J ex . Clearly, more theoretical work is needed to understand how effective a modification of J ex under nonequilibrium conditions can be, and how fast J ex can be modified. The latter touches the fundamental question for the time scale at which the description of spin dynamics in terms of a J ex emerges from the full electronic dynamics, before which J ex is not a valid concept at all. Although this question has not been directly addressed in the experiments mentioned above, an investigation of this ultimate limit of spin dynamics is in range using today's femtosecond laser technology.In general, the exchange interaction arises from a lowenergy description of the electronic states in terms of magnetic degrees of freedom. Recently, Secchi et al. defined the nonequilibrium exchange interaction via an effective action that governs the spin dynamics out of equilibrium, leading to an expression in terms of nonequilibrium electronic Green's functions [16]. Here, we apply this framework to the paradigm single-band Mott-Hubbard insulator at half-filling, for which the concept of exchange interaction in equilibrium is very well understood. To directly assess the nonequilibrium electron dynamics and evaluate th...