We develop a systematic theory for excitons subject to Fermi-Hubbard physics in moiré twisted transition metal dichalcogenides (TMDs). Specifically, we consider excitons in moiré systems for which the valence band is in the Mott-insulating regime. These "Mott-moiré excitons", which are achievable in twisted TMD heterobilayers, are bound states of a magnetic polaron in the valence band and a free electron in the conduction band. We find significantly narrower exciton bandwidths in the presence of Hubbard physics, serving as a potential experimental signature of strong correlations. We also demonstrate the high tunability of Mott-moiré excitons through the dependence of their binding energies, diameters, and bandwidths on the moiré period. Our work provides guidelines for future exploration of strongly correlated excitons in twisted TMD heterobilayers.