Drought-related die-off events have been observed throughout Europe in Scots pine (Pinus sylvestris L.). Such events are exacerbated by carbon starvation that is, an imbalance of photosynthetic productivity and resource usage. Recent evidence suggests that optically measurable photosynthetic pigments such as chlorophylls and carotenoids respond to water stress (WS). However, there is a lack of measurements using imaging spectroscopy, and the mechanisms linking xanthophyll-related changes in reflectance captured by the photochemical reflectance index (PRI) and chlorophyll changes in red edge position (REP) to WS are not understood. To probe this, we conducted a greenhouse experiment where 3-year-old Pinus sylvestris saplings were subjected to water limitation and followed using hyperspectral imaging (HSI) spectroscopy, water status and photosynthetic measurements. Carotenoids (e.g., xanthophyll cycle) and chlorophylls responded to WS, which was observed using the HSI-derived indices PRI and REP respectively. The spatial-temporal response in these two pigment-reflectance groupings differed. The spatial distribution of PRI represented the light intensity around the time of the measurement, whereas REP reflected the daily averaged light intensity over the experimental course. A further difference was noted upon rewatering, where the carotenoid-related PRI partially recovered but the chlorophyll-related REP did not.