The excited state dynamics of silver atoms embedded in helium nanodroplets have been investigated by a variety of spectroscopic techniques. The experiments reveal that 5p P-2(1/2) <- 5s S-2(1/2) excitation of embedded silver atoms results almost exclusively in the ejection of silver atoms populating the P-2(1/2) state. In contrast, excitation to the 5p P-2(3/2) state leads to the ejection of not only silver atoms in the P-2(1/2), P-2(3/2), and D-2(5/2) excited states but also of AgHe and AgHe2. These AgHe exciplexes are mainly formed in the A(2)Pi(1/2) electronic state. In addition, it is found that a considerable fraction of the P-2(3/2) excited silver atoms become solvated within the helium droplets, most probably as AgHe2. The observations can be accounted for by a model in which the metastable D-2(5/2) state of silver acts as a doorway state in the relaxation of P-2(3/2) excited silver atoms.