Metamaterials have demonstrated the ability to efficiently alter electromagnetic radiation in the terahertz range. The use of semiconductors as substrates, or as part of the metamaterial itself, has enabled real-time dynamic control providing spatial and frequency modulation of THz waves. We utilize metamaterial/semiconducting spatial light modulators to enable single pixel time-multiplexed THz imaging. Various encoding schemes are explored and we experimentally demonstrate high fidelity THz images using several orders of magnitude less power than conventional imaging techniques. © 2013 IEEE.