We used ultrahigh-speed synchrotron x-ray imaging to quantify the phenomenon of vapor depressions (also known as keyholes) during laser melting of metals as practiced in additive manufacturing. Although expected from welding and inferred from postmortem cross sections of fusion zones, the direct visualization of the keyhole morphology and dynamics with high-energy x-rays shows that (i) keyholes are present across the range of power and scanning velocity used in laser powder bed fusion; (ii) there is a well-defined threshold from conduction mode to keyhole based on laser power density; and (iii) the transition follows the sequence of vaporization, depression of the liquid surface, instability, and then deep keyhole formation. These and other aspects provide a physical basis for three-dimensional printing in laser powder bed machines.