Organobismuth‐catalyzed transfer hydrogenation has recently been disclosed as an example of low‐valent Bi redox catalysis. However, its mechanistic details have remained speculative. Herein, we report experimental and computational studies that provide mechanistic insights into a Bi‐catalyzed transfer hydrogenation of azoarenes using p‐trifluoromethylphenol (4) and pinacolborane (5) as hydrogen sources. A kinetic analysis elucidated the rate orders in all components in the catalytic reaction and determined that 1a (2,6‐bis[N‐(tert‐butyl)imino]phenylbismuth) is the resting state. In the transfer hydrogenation of azobenzene using 1a and 4, an equilibrium between 1a and 1a·[OAr]2 (Ar = p‐CF3‐C6H4) is observed, and its thermodynamic parameters are established through variable‐temperature NMR studies. Additionally, pKa‐gated reactivity is observed, validating the proton‐coupled nature of the transformation. The ensuing 1a·[OAr]2 is crystallographically characterized, and shown to be rapidly reduced to 1a in the presence of 5. DFT calculations indicate a rate‐limiting transition state in which the initial N–H bond is formed via concerted proton transfer upon nucleophilic addition of 1a to a hydrogen‐bonded adduct of azobenzene and 4. These studies guided the discovery of a second‐generation Bi catalyst, the rate‐limiting transition state of which is lower in energy, leading to catalytic transfer hydrogenation at lower catalyst loadings and at cryogenic temperature.