A detailed experimental study of antiphase dynamics in a two-mode semiconductor laser with optical injection is presented. The device is a specially designed Fabry-Perot laser that supports two primary modes with a THz frequency spacing. Injection in one of the primary modes of the device leads to a rich variety of single and two-mode dynamical scenarios, which are reproduced with remarkable accuracy by a four dimensional rate equation model. Numerical bifurcation analysis reveals the importance of torus bifurcations in mediating transitions to antiphase dynamics and of saddle-node of limit cycle bifurcations in switching of the dynamics between single and two-mode regimes.