Optically generated excitons dictate the absorption and emission spectrum of doped semiconductor transition metal dichalcogenide monolayers. We show that upon increasing the electron density, the elementary optical excitations develop a roton-like dispersion, evidenced by a shift of the lowest energy state to a finite momentum on the order of the Fermi momentum. This effect emerges due to Pauli exclusion between excitons and the electron Fermi sea, but the robustness of the roton minimum in these systems is a direct consequence of the long-range nature of the Coulomb interaction and the nonlocal dielectric screening characteristic of monolayers. Finally, we show that the emergence of rotons could be related to hitherto unexplained aspects of photoluminescence spectra in doped transition metal dichalcogenide monolayers.