A masked variant of the first coordinatively unsaturated [Cp*Ru(κ2‐P,N)]+ cation (1) is reported, which has proven capable of single intramolecular CH activation. In contrast, the isostructural zwitterionic complex 2 apparently rearranges to a hydridocarbene by way of a remarkably facile, ligand‐assisted double CH bond activation process (see scheme).