The concept and the first example for electronic frustration within a C-B π-bond arising from the competition for a lone pair of electrons is reported. The α-borylated phosphorus ylide (α-BCP) Ph PC(CH )BEt (1) has been synthesized, characterized, and investigated with the aid of density functional theory calculations. These show the presence of a highly polarized C-B π-bond, induced by the electron-withdrawing Ph P substituent. This competition for the C-based lone pair of electrons leads to an FLP-type reactivity (FLP=frustrated Lewis pair), which has been demonstrated by reacting 1 with various small molecules: the dimeric insertion products [Ph PC(CH )COBEt ] (2) and [Ph PC(CH )(CO )BEt ] (5) result from the reaction of 1 with CO and CO , respectively, whereas monomeric products of the general formula [Ph PC(CH )(XYZ)BEt ] were obtained by treating 1 with COS (3), CS (4) or the heterocumulenes PhNCO (6) and PhNCS (7).