Organic-inorganic metal halide perovskite solar cells have emerged in the past few years to promise highly efficient photovoltaic devices at low costs. Here, temperature-sensitive core-shell Ag@TiO2 nanoparticles are successfully incorporated into perovskite solar cells through a low-temperature processing route, boosting the measured device efficiencies up to 16.3%. Experimental evidence is shown and a theoretical model is developed which predicts that the presence of highly polarizable nanoparticles enhances the radiative decay of excitons and increases the reabsorption of emitted radiation, representing a novel photon recycling scheme. The work elucidates the complicated subtle interactions between light and matter in plasmonic photovoltaic composites. Photonic and plasmonic schemes such as this may help to move highly efficient perovskite solar cells closer to the theoretical limiting efficiencies.