Photographs captured by smartphones and mid-range cameras have limited spatial resolution and dynamic range, with noisy response in underexposed regions and color artefacts in saturated areas. This paper introduces the first approach (to the best of our knowledge) to the reconstruction of high-resolution, high-dynamic range color images from raw photographic bursts captured by a handheld camera with exposure bracketing. This method uses a physically-accurate model of image formation to combine an iterative optimization algorithm for solving the corresponding inverse problem with a learned image representation for robust alignment and a learned natural image prior. The proposed algorithm is fast, with low memory requirements compared to state-of-the-art learning-based approaches to image restoration, and features that are learned end to end from synthetic yet realistic data. Extensive experiments demonstrate its excellent performance with super-resolution factors of up to $\times 4$ on real photographs taken in the wild with hand-held cameras, and high robustness to low-light conditions, noise, camera shake, and moderate object motion.