Iron pentacarbonyl is a textbook example of fluxionality. We trap the molecule in cryogenic matrices to study the vibrational dynamics of CO stretching modes involved in the fluxional rearrangement. The infrared spectrum in Ar and N2 is composed of about ten narrow bands in the spectral range of interest, indicating the population of various lattice sites and a lowering of the molecular symmetry in the trapping sites. The vibrational dynamics is explored by means of infrared stimulated photon echoes at the femtosecond scale. Vibrational dephasing and population relaxation times are obtained. The non-linear signals exhibit strong oscillations useful to disentangle the site composition of the absorption spectrum. The population relaxation involves at least two characteristic times. An evolution of the photon echo signals with the waiting time is observed. The behavior of all the signals can be reproduced within a simple model that describes the population relaxation occurring in two steps: relaxation of v = 1 (population time T1 < 100 ps) and return to v = 0 (recovery time > 1 ns). These two steps explain the evolution of the oscillations with the waiting time in the photon echo signals. These results discard fluxional rearrangement on the time scale of hundreds of ps in our samples. Dephasing times are of the same order of magnitude as T1: dephasing processes due to the matrix environment are rather inefficient. The photon echo experiments also reveal that intermolecular resonant vibrational energy transfers between guest molecules occur at the hundreds of ps time scale in concentrated samples (guest/host > 104).