We use electrostatic force microscopy to spatially resolve random telegraph noise at the Si/SiO2 interface. Our measurements demonstrate that two-state fluctuations are localized at interfacial traps, with bias-dependent rates and amplitudes. These two-level systems lead to correlated carrier number and mobility fluctuations with a range of characteristic timescales; taken together as an ensemble, they give rise to a [Formula: see text] power spectral trend. Such individual defect fluctuations at the Si/SiO2 interface impair the performance and reliability of nanoscale semiconductor devices and will be a significant source of noise in semiconductor-based quantum sensors and computers. The fluctuations measured here are associated with a four-fold competition of rates, including slow two-state switching on the order of seconds and, in one state, fast switching on the order of nanoseconds which is associated with energy loss.