Organic photovoltaic devices are currently studied due to their potential suitability for flexible and large-area applications, though efficiencies are presently low. Here we study pentacene/C-60 bilayers using transient optical absorption spectroscopy; such structures exhibit anomalously high quantum efficiencies. We show that charge generation primarily occurs 2-10 ns after photoexcitation. This supports a model where charge is generated following the slow diffusion of triplet excitons to the heterojunction. These triplets are shown to be present from early times (<200 fs) and result from the fission of a spin-singlet exciton to form two spin-triplet excitons. These results elucidate exciton and charge generation dynamics in the pentacene/C60 system and demonstrate that the tuning of the energetic levels of organic molecules to take advantages of singlet fission could lead to greatly enhanced photocurrent in future OPVs.