We present the first laboratory observations of time-resolved electron and ion velocity distributions in forming, magnetized collisionless shocks. Thomson scattering of a probe laser beam was used to observe the interaction of a laser-driven, supersonic piston plasma expanding through a magnetized ambient plasma. From the Thomson-scattered spectra we measure time-resolved profiles of electron density, temperature, and ion flow speed, as well as spatially-resolved magnetic fields from proton radiography. We observe direct evidence of the sweeping up and acceleration of ambient ions, magnetic field compression, and the subsequent deformation of the piston ion flow, key steps in shock formation. Even before the shock has fully formed, we observe strong density compressions and electron heating associated with the pile up of piston ions. The results demonstrate that laboratory experiments can probe particle velocity distributions relevant to collisionless shocks, and thus complement similar measurements undertaken by spacecraft missions.