β‐Diketonates, such as acetylacetonate, are amongst the most common bidentate ligands towards elements across the entire periodic table and are considered wholly redox‐inactive in their complexes. Herein we show that complexation of 1,1,1,5,5,5‐hexafluoroacetylacetonate (hfac−) to CrII spontaneously affords CrIII and a reduced β‐diketonate radical ligand scaffold, as evidenced by crystallographic analysis, magnetic measurements, optical spectroscopy, reactivity studies, and DFT calculations. The possibility of harnessing β‐diketonates as electron reservoirs opens up possibilities for new metal–ligand concerted reactivity in the ubiquitous β‐diketonate coordination chemistry.