Hydrogen deuterium exchange mass spectrometry (HDX-MS) gives insight into the structure of proteins. By monitoring the rate of exchange of the amide hydrogens on the protein backbone with deuterium atoms in the solvent, one can determine if a given region is highly structured or dynamic, map binding sites of interacting molecules or determine if a binding event is associated with allosteric structural alterations in a protein. Herein, we illustrate the use of this technique to monitor the nucleotide exchange process in Rab5, using the guanine nucleotide exchange factor (GEF)-effector complex, Rabex5:Rabaptin5. By simultaneously monitoring the HDX in Rab5, Rabex5 and Rabaptin5, we can directly visualize nucleotide exchange in Rab5, gain mechanistic insights into the exchange reaction and, by witnessing the transfer of Rab5 from Rabex5 to Rabaptin5, provide direct evidence for the positive feedback loop generated by a GEF-effector complex. HDX-MS can be used to monitor a variety of Rab protein-effector and -regulator interactions and be widely applied to other enzymatic processes as well.