We present an approach that allows us to simultaneously access structure and dynamics of a multi-domain protein in solution. Dynamic domain arrangements are experimentally determined by combining self-consistent networks of distance distributions with known domain structures. Local structural dynamics are correlated with the global arrangements by analyzing networks of time-resolved single-molecule fluorescence parameters. The strength of this hybrid approach is shown by an application to the flexible multi-domain Hsp90. The average solution structure of Hsp90’s closed state resembles the known x-ray crystal structure with Angstrom precision. The open state is represented by an ensemble of conformations with inter-domain fluctuations of up to 25 Å. The data reveal a state-specific suppression of the sub-millisecond fluctuations by dynamic protein-protein interaction. Finally, the method enables localization and functional characterization of dynamic elements and domain interfaces.