We report the use of visible light to mediate a RAFT dispersion polymerization in the absence of external catalyst or initiator to yield nanoparticles of different morphologies according to a polymerization-induced self-assembly (PISA) mechanism. A POEGMA macro-chain transfer agent (macro-CTA) derived from a 4-cyano-4-((dodecylsulfanylthiocarbonyl)sulfanyl)pentanoic acid (CDTPA) RAFT agent can be activated under blue (460 nm, 0.7 mW/cm) or green (530 nm, 0.7 mW/cm) light and act simultaneously as a radical initiator, chain transfer agent, and particle stabilizer under ethanolic dispersion conditions. In particular, the formation of worm-like micelles was readily monitored by the increase of reaction viscosity during the polymerization; this method was shown to be particularly robust to different reaction parameters such as macro-CTAs of varying molecular weight. Interestingly, at high monomer conversion, different morphologies were formed depending on the wavelength of light employed, which may be due to differing degrees of polymerization control. Finally, the in situ encapsulation of the model hydrophobic drug, Nile Red, was demonstrated, suggesting applications of this facile process for the synthesis of nanoparticles for drug delivery applications.