Herein, we report on the first synthesis and structural characterization of the iron based aminoborane complexes [Fe(PNP)(H)(η2:η2‐H2B=NR2)]+ (R=H, Me). These species are formed upon protonation of the borohydride complex [Fe(PNP)(H)(η2‐BH4)] by ammonium salts [NH2R2]+ (R=H, Me). For R=Me, the reaction proceeds via the cationic dinuclear intermediate [{Fe(PNP)(H)}2(μ2,η2:η2‐BH4)]+. A mechanism for the reaction is proposed based on DFT calculations that also indicate the final aminoborane complex as the thermodynamic product. All complexes were characterized by NMR spectroscopy, HRMS, and X‐ray crystallography.