Control of chain length and morphology in combination with single-molecule spectroscopy techniques provides a comprehensive photophysical picture of excited-state losses in the prototypical conjugated polymer poly(3-hexylthiophene) (P3HT). Our examination reveals a universal self-quenching mechanism, based on singlet-triplet exciton annihilation, which accounts for the dramatic loss in fluorescence quantum yield of a single P3HT chain between its solution (unfolded) and bulklike (folded) state. Triplet excitons fundamentally limit the fluorescence of organic photovoltaic materials, which impacts the conversion of singlet excitons to separated charge carriers, decreasing the efficiency of energy harvested at high excitation densities. Interexcitonic interactions are so effective that a single P3HT chain of order 100 kDa weight behaves like a 2-level system, exhibiting perfect photon antibunching.