We investigate the role of quantum confinement and photoluminescence (PL) lifetime of photoexcited charge carriers in semiconductor core/shell quantum dots (QDs) via PL quenching due to surface modification. Surface modification is controlled by varying the number of dye molecules adsorbed onto the QD shell surface forming QD–dye nanoassemblies. We selected CuInS₂/ZnS (CIS) and InP/ZnS (InP) core/shell QDs exhibiting relatively weak (664 meV) and strong (1194 meV) confinement potentials for the conduction band electron. Moreover, the difference in the emission mechanism gives rise to a long and short excited state lifetime of CIS (ca. 290 ns) and InP (ca. 37 ns) QDs. Dye molecules of different ionic characters (rhodamine 575: zwitterionic and rhodamine 560: cationic) are used as quenchers. A detailed analysis of Stern–Volmer data shows that (i) quenching is generally more pronounced in CIS–dye assemblies as compared to InP–dye assemblies, (ii) dynamic quenching is dominating in all QD–dye assemblies with only a minor contribution from static quenching and (iii) the cationic dye shows a stronger interaction with the QD shell surface than the zwitterionic dye. Observations (i) and (ii) can be explained by the differences in the amplitude of the electronic component of the exciton wavefunction near the dye binding sites in both QDs, which results in the breaking up of the electron–hole pair and favors charge trapping. Observation (iii) can be attributed to the variations in electrostatic interactions between the negatively charged QD shell surface and the cationic and zwitterionic dyes, with the former exhibiting a stronger interaction. Moreover, the long lifetime of CIS QDs facilitates us to easily probe different time scales of the trapping processes and thus differentiate the origins of static and dynamic quenching components that appear in the Stern–Volmer analysis.