Phycobilisomes, the membrane-associated light-harvesting antenna system of cyanobacteria, dynamically adjust to changing irradiation by modulating energy capture and transfer over a few seconds or longer, for example by genetic regulation, structural reorganization, or non-photochemical quenching by Orange Carotenoid Protein (OCP). Recent observation of excitation-dependent photodynamics in single intact surface-immobilized phycobilisomes, including “blinking” to dark or dim states, suggests that the phycobilisome itself may also possess intrinsic molecular mechanisms to regulate energy transfer. Here, we confine single phycobiliproteins in free solution to a small measurement region for several seconds at a time using an Anti-Brownian ELectrokinetic (ABEL) trap, and simultaneously monitor changes in multiple spectroscopic properties (brightness, fluorescence anisotropy, fluorescence lifetime, and emission spectrum). We are able to trap single intact phycobilisomes and isolated substructures thereof, including phycobilisomes quenched by OCP. We find that even the smallest constituent phycobilisome subunits exhibit surprisingly complex photodynamics. For example, in monomers of C-phycocyanin (C-PC), a phycobiliprotein that contains three covalently bound and chemically identical chromophores, we observe reversible switching among at least seven distinct photophysical states (Squires and Moerner, PNAS 2017). The spectroscopic properties of these states and the transitions among them allow us to identify each state as a unique combination of chromophores participating in energy transfer. A simple computational FRET model closely predicts the observed states, and additionally reveals that the primary acceptor chromophore in C-PC may sometimes act as a quencher. The complex photodynamics and quenching that we observe for individual subunits of the phycobilisome are likely one source of the dynamics observed for the full phycobilisome complex, and may provide an intrinsic mechanism for short-timescale modulation of energy transfer to the reaction center.