The dynamics of CO2 excited into Rydberg states lying 0.2 eV below the ionization threshold is studied by means of time resolved photoelectron imaging. Over 3 eV broad photoelectron spectra are measured for all pump-probe delay times. Quantum mechanical calculations demonstrate that the spectral broadening is due to ultrafast electronic relaxation of Rydberg states and identify the likely relaxation pathways. Experiment and theory bracket the relaxation time between 15 and 65 fs. A weak time independent ionization signal is attributed to CO2 trapped in near-threshold triplet states.