The dimer of dipiperidinoacetylene, 1,3,4,4‐tetrapiperidino3‐buten‐1‐yne, reacts with [IrCl(COD)]2 (COD = 1,5‐cyclooctadiene) to give the corresponding 1,3,4,4‐tetrapiperidino‐1,2‐cyclobutadieneiridium complex [(CBA)IrCl(COD)] with a four‐membered cyclic bent allene (CBA) ligand. Reaction with carbon monoxide affords the dicarbonyl complex cis‐[(CBA)IrCl(CO)2], which exhibits low CO stretching frequencies and an associated Tolman electronic parameter (TEP) value of 2030 cm–1, which is lower than any other TEP value reported for cyclic carbene and carbenoid ligand systems. Treatment of [(CBA)IrCl(COD)] with sodium tetrakis[3,5bis(trifluoromethyl)phenyl]borate (NaBArF24) followed by addition of phosphines or pyridine (py) yields the cationic complexes [(CBA)IrL(COD)][NaBArF24] (L = PPh3, PPh2Me, PPhMe2, PCy3, py) as potential hydrogen isotope exchange (HIE) catalysts. DFT calculations provide evidence for a suitable pathway for the cyclization of 1,3,4,4‐tetrapiperidino‐3‐buten‐1‐yne at transition metal complex fragments, here AuCl, IrCl(COD), and IrCl(CO)2, as a general route to four‐membered CBA metal complexes.