Ultrafast terahertz (THz) pump{probe spectroscopy reveals unusual out-of-equilibrium Cooper pair dynamics driven by femtosecond (fs) optical quench of superconductivity (SC) in iron pnictides. We observe a two{step quench of the SC gap, where an abnormally slow (many 100s of ps) quench process is clearly distinguished from the usual fast (sub-ps) hot{phonon{mediated scattering channel. This pair breaking dynamics depends strongly on doping, pump uence, and temperature. The above observations, together with quantum kinetic modeling of non-equilibrium SC and magnetic correlations, provide evidence for photogeneration of a transient state where SC competes with build{up of spin-density-wave (SDW) excitonic correlation between quasi-particles (QP).