Bis(iodozincio)methane, prepared from diiodomethane and zinc metal in the presence of a lead catalyst, is capable of performing several unique molecular transformations. It can operate not only as a dianion, but also as a bidentate Lewis acid. In this account, the methylenation of carbonyl compounds, nucleophilic cyclopropanation reactions, 1,4-addition reactions of bis(iodozincio)methane, and reduction reactions of π-allylpalladium are discussed, along with the associated density functional theory calculations.