The defects present in metal halide perovskite are deleterious to both the performance and stability of photovoltaic devices. Consequently, there is an intense focus on developing defect mitigation strategies. Herein we report a facile strategy that employs methylammonium triiodide (MAI3) as an additive to the perovskite precursor solution. We examine the effect of MAI3 on the structural and optoelectronic properties by X-ray diffraction, density functional theory calculations, molecular dynamics simulations, solid-state nuclear magnetic resonance, steady-state, time-resolved photoluminescence (TRPL), and time-resolved terahertz spectroscopy (TRTS). Specifically, TRPL and TRTS show that MAI3 suppresses nonradiative recombination and increases the charge carrier mobility. As a result, the champion device shows a power conversion efficiency (PCE) of 23.46% with a high fill factor of >80%. Furthermore, these devices exhibit enhanced operational stability, with the best device retaining ∼90% of its initial PCE under 1 sun illumination with maximum power point tracking for 350 h.