The influence of argon and helium on the rovibrational kinetics of carbon dioxide (CO2) and CO in low-temperature conversion plasma is investigated. With this objective, a combined experimental and computational study is conducted, applying quantum cascade laser infrared absorption spectroscopy to a pulsed DC CO2 glow discharge with varying noble gas admixture and modeling it with a two-term Boltzmann solver. Time-resolved rovibrational temperatures and dissociation fractions are presented, exhibiting an increase in rotational-vibrational non-equilibrium and an increasing CO2 conversion with argon (Ar) and helium (He) admixtures. Results are discussed in the context of energy transfer processes for collisions involving electrons, corroborated by electron-kinetic modeling, and heavy particle collisions. With noble gas addition, an increase in the electron number density, promoting excitation, and the high-energy tail of the electron energy distribution function are found. Penning ionization processes are proposed as an explanation for the increase in conversion, showing higher conversion for Ar due to the lower excitation thresholds and, therefore, larger state population. In the context of rovibrational kinetics, processes leading to the gain or loss of vibrational energy of CO2 are analyzed, pointing out subtle differences in, for example, relaxation rate coefficients between Ar and He. However, the cooling of the gas through conductive heat transfer is identified as the most important influence of the Ar and He admixture, as it keeps the relaxation rate for vibrational quenching low.