At sufficiently high velocities, a microparticle impacting a metal substrate can cause ejection of material from the substrate and impact-induced melting, both of which can result in erosion. Here, we directly image the impact of individual hard steel microparticles on soft tin substrates, at controlled impact velocities in the range of ∼100 to 1000 m/s. By using scanning electron and laser scanning confocal microscopy, we characterize the surface morphology, depth, and volume of each impact crater. We observe a gradual onset of impact-induced melting in the craters, as well as the production of increasing amounts of ejecta from the target metal. By comparing measurements of impact and rebound velocity to an elastic-plastic model, we observe that at a high enough impact velocity, melting and ejection begin to consume additional kinetic energy beyond that expected by plastic deformation of the target material alone. By calculating the excess energy dissipation using this elastic-plastic model, we show that although this divergent behavior is associated with the onset of melting, the majority of the ejected volume must be solid rather than liquid.