The absence of a phase transformation involving substantial structural rearrangements and large volume changes is generally considered to be a key characteristic underpinning the high-rate capability of any battery electrode material. In apparent contradiction, nanoparticulate LiFePO4, a commercially important cathode material, displays exceptionally high rates, whereas its lithium-composition phase diagram indicates that it should react via a kinetically limited, two-phase nucleation and growth process. Knowledge concerning the equilibrium phases is therefore insufficient, and direct investigation of the dynamic process is required. Using time-resolved in situ x-ray powder diffraction, we reveal the existence of a continuous metastable solid solution phase during rapid lithium extraction and insertion. This nonequilibrium facile phase transformation route provides a mechanism for realizing high-rate capability of electrode materials that operate via two-phase reactions.