(Phosp)hole in one: A palladium‐catalyzed synthesis for directly assembling phosphole skeletons from triarylphosphines through CH and CP bond cleavage was developed. This approach overcomes several of the limitations of the so far reported methods. Phospholes bearing a range of functionalities (including Br, F, CO2Me, Ac, and CN) and an array of fused rings (naphthalenes, anthracenes, furans, and pyrroles) can be easily synthesized.