Femtosecond mid-IR transient absorption spectroscopy was used to probe the vibrational dynamics of formic acid and acetic acid isolated in solid argon following excitation of the fundamental transition of the carbonyl stretching mode. Carboxylic acids form extremely stable H-bonded dimers, hindering the study of the monomeric species at equilibrium conditions. The low-temperature rare-gas matrix isolation technique allows for a unique control over aggregation enabling the study of the monomer vibrational dynamics, as well as the dynamics of two distinct dimer structures (cyclic and open chain). This study provides insight into the role of the methyl rotor and hydrogen bonding in the vibrational dynamics of carboxylic acids. In the monomer of FA, depopulation of the initially excited state is characterized by a time constant of approximately 500 ps, and it is followed by the energy transfer from intermediately populated intramolecular vibrational states into the phonon modes of the argon lattice (vibrational cooling) in a much longer time scale (estimated to be longer than 5 ns). The methyl rotor in acetic acid monomer accelerates both processes of population transfer and vibrational cooling, with time constants of similar to 80 ps. Hydrogen bonding in formic acid dimers decreases the time constant associated with the dominant vibrational relaxation process by more than 2 orders of magnitude. Unlike in formic acid, hydrogen bonding in acetic acid has no apparent effect on the vibrational cooling rate.