We present a Bayesian dynamical inference method for characterizing cardiorespiratory (CR) dynamics in humans by inverse modelling from blood pressure time-series data. This new method is applicable to a broad range of stochastic dynamical models, and can be implemented without severe computational demands. A simple nonlinear dynamical model is found that describes a measured blood pressure time-series in the primary frequency band of the CR dynamics. The accuracy of the method is investigated using surrogate data with parameters close to the parameters inferred in the experiment. The connection of the inferred model to a well-known beat-to-beat model of the baroreflex is discussed.