Measuring terahertz (THz) conductivity on an ultrafast time scale is an excellent way to observe charge-carrier dynamics in semiconductors as a function of time after photoexcitation. However, a conductivity measurement alone cannot separate the effects of charge-carrier recombination from effective mass changes as charges cool and experience different regions of the electronic band structure. Here we present a form of time-resolved magneto-THz spectroscopy which allows us to measure cyclotron effective mass on a picosecond time scale. We demonstrate this technique by observing electron cooling in the technologically-significant narrow-bandgap semiconductor indium antimonide (InSb). A significant reduction of electron effective mass from 0.032$m_mathrm{e}$ to 0.017$m_mathrm{e}$ is observed in the first 200ps after injecting hot electrons. Measurement of electron effective mass in InSb as a function of photo-injected electron density agrees well with conduction band non-parabolicity predictions from ab initio calculations of the quasiparticle band structure.
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