Biological N2 fixation to NH3 may proceed at one or more Fe sites in the active-site cofactors of nitrogenases. Modeling individual e−/H+ transfer steps of iron-ligated N2 in well-defined synthetic systems is hence of much interest but remains a significant challenge. While molecular Fe species have been recently demonstrated to catalyze the formation of NH3 from N2, mechanistic details of these processes remain elusive. Herein, we report the synthesis and isolation of a diamagnetic, 5-coordinate formally iron(IV) Fe═NNH2+ species supported by a tris(phosphino)silyl ligand via the direct protonation of a terminally bound Fe-N2− complex. The Fe═NNH2+ complex is redox-active, and low-temperature spectroscopic data and DFT calculations evidence an accumulation of significant radical character on the hydrazido ligand upon one-electron reduction to S = 1/2 Fe═ NNH2. At warmer temperatures, Fe═NNH2 rapidly converts to an iron hydrazine complex, Fe-NH2NH2+, via the additional transfer of proton and electron equivalents in solution. Fe-NH2NH2+ can liberate ammonia, and the sequence of reactions described here demonstrates that an iron site can shuttle from a distal intermediate (Fe═NNH2+) to an alternating intermediate (Fe-NH2NH2+) en route to NH3 liberation from N2. It is interesting to consider the possibility that similar “hybrid” mechanisms for N2 reduction may be operative in biological N2 fixation.