Terahertz near fields of gold metamaterials resonant at a frequency of 0.88 THz allow us to enter an extreme limit of nonperturbative ultrafast terahertz electronics: Fields reaching a ponderomotive energy in the keV range are exploited to drive nondestructive, quasistatic interband tunneling and impact ionization in undoped bulk GaAs, injecting electron-hole plasmas with densities in excess of 10(19) cm(-3). This process causes bright luminescence at energies up to 0.5 eV above the band gap and induces a complete switch-off of the metamaterial resonance accompanied by self-amplitude-modulation of transmitted few-cycle terahertz transients. Our results pave the way towards highly nonlinear terahertz optics and optoelectronic nanocircuitry with subpicosecond switching times.