Monoclinic scheelite bismuth vandate (BiVO4) stands as one of the best performing thin film metal oxide photoanodes investigated to date. However, these desirable photoelectrochemical performance characteristics are surprising given the driving force for free charge carriers to self-trap as polarons. For the case of electrons, localization at vanadium sites leads to formation of small electron polarons with a large, thermally activated hopping barrier of several hundred meV. For the case of holes, several experimental and theoretical studies have indicated polaron formation. However, despite the importance of photogenerated hole extraction for photoanode function, significant uncertainties remain regarding the degree of hole localization, the associated structural configurations, and the transport barriers. In this work, we apply time resolved optical pump/X-ray diffraction probe experiments to investigate light excitation-induced structural transformations of BiVO4. At low pump fluences, we observe a distinct, non-thermal response that indicates increased symmetry and a partial relaxation of the monoclinic distortion within the BiO8 dodecahedra. We rationalize this finding in terms of the underlying electronic structure of BiVO4, photo-induced depopulation of valence band states, and the nature of the monoclinic-to-tetragonal phase transformation. The resulting structural change is expected to increase hole localization and play a key role in the formation and structure of photo-induced hole polarons within the material. Complimentary electronic transport and optical pump-probe spectroscopies provide additional support for this interpretation and shed light on the underlying mechanisms of polaron formation, transport, and recombination in this promising photoanode material.