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Optical transitions between exciton states in semiconductors—intraexcitonic transitions—usually fall into the terahertz (THz) range and can be resonantly excited with narrowband, intense THz radiation as provided by a free-electron laser. We investigate this situation for two different quantum well structures by probing the near-infrared excitonic absorption spectrum near the band edge. We observe the dynamical Stark—or Autler–Townes—splitting of the 1s exciton ground state and follow its evolution for various THz photon energies and field strengths. The behavior is considerably more complex as compared to the atomic systems. At the highest field strengths, where the Rabi energy is of the same order of magnitude as the exciton level separation, the system cannot be described within the standard framework of a two-level system in rotating wave approximation. When the ponderomotive energy approaches the exciton binding energy, signatures of exciton field ionization are observed.