Single-molecule fluorescence spectroscopy of a multichromophoric conjugated polymer (molecular weight similar to 20,000) revealed surprising single-step photobleaching kinetics and acute jumps in fluorescence intensity. These jumps were shown not to result from spectral diffusion and were attributed to fluctuations in the quantum yield of emission for the molecules. The data indicate efficient intramolecular electronic energy transfer along the polymer chain to a localized fluorescence-quenching polymer defect. The defects are created by reversible photochemistry of the polymer. These findings have implications for the use of conjugated polymers in light-emitting diode displays and sensors.