We investigate the ultrafast dynamics of an electron-hole plasma coupled to phonons in bulk GaAs excited with femtosecond laser pulses. Our approach is based on balance equations directly derived from the Boltzmann equation within the relaxation-time approximation. Poisson's equation together with a phenomenological driven-harmonic-oscillator equation supplements our description by accounting for time-dependent electric and vibrational fields. Our calculated internal fields show oscillations at frequencies characteristic of those of coupled plasmon-phonon modes. Our results are consistent with recent experimental data.