Conventional solar cell efficiencies are capped by the ~31% Shockley–Queisser limit because, even with an optimally chosen bandgap, some red photons will go unabsorbed and the excess energy of the blue photons is wasted as heat. Here we demonstrate a “quantum ratchet” device that avoids this limitation by inserting a pair of linked states that form a metastable photoelectron trap in the bandgap. It is designed both to reduce non-radiative recombination, and to break the Shockley–Queisser limit by introducing an additional “sequential two photon absorption” (STPA) excitation channel across the bandgap. We realise the quantum ratchet concept with a semiconductor nanostructure. It raises the electron lifetime in the metastable trap by ~104, and gives a STPA channel that increases the photocurrent by a factor of ~50%. This result illustrates a new paradigm for designing ultra-efficient photovoltaic devices.