The first example of a homogenous As catalyst for hydroboration has been established. The reaction of N,N'-diisopropylbenzene diamine or toluene-3,4-dithiol with AsCl yielded the chloroarsoles (1 and 2), which upon reaction with benzyl alcohol yielded the benzyloxy benzo-1,3,2-diazaarsole (3) and benzo-1,3,2-dithiaarsole (4), respectively. Compound 3 was found to be an excellent catalyst for the hydroboration of aldehyde substrates.