The reaction of 1,2‐dipiperidinoacetylene (1) with 0.5 equivalents of SnCl2 or GeCl2⋅dioxane afforded the 1,2,3,4‐tetrapiperidino‐1,3‐cyclobutadiene tin and germanium dichloride complexes 2 a and 2 b, respectively. A competing redox reaction was observed with excess amounts of SnCl2, which produced a tetrapiperidinocyclobutadiene dication with two trichlorostannate(II) counterions. Heating neat 1 to 110 °C for 16 h cleanly produced the dimer 1,3,4,4‐tetrapiperidino‐3‐buten‐1‐yne (3); its reaction with stoichiometric amounts of SnCl2 or GeCl2⋅dioxane furnished the 1,3,4,4‐tetrapiperidino‐1,2‐cyclobutadiene tin and germanium dichloride complexes 4 a and 4 b, respectively. Transition‐metal complexes containing this novel four‐membered cyclic bent allene (CBA) ligand were prepared by reaction of 3 with [(tht)AuCl], [RhCl(CO)2]2, and [(Me3N)W(CO)5] to form [(CBA)AuCl] (5), [(CBA)RhCl(CO)2] (6), and [(CBA)W(CO)5] (7). The molecular structures of all compounds 2–7 were determined by X‐ray diffraction analyses, and density functional theory (DFT) calculations were carried out to rationalise the formation of 3 and 4 a.