The first Rh‐catalyzed aerobic oxidative coupling reaction of isocyanides with alcohols or amines has been developed. The reaction takes place under very mild conditions, by using air as the terminal oxidant and oxygen‐atom source. It provides a simple, efficient, and general method for the construction of N‐arylcarbamates and ureas in an atom‐economic manner. Moreover, the new mechanism, involving α‐diazocarbonyl compounds as carbene precursors and a RhI/RhIII catalytic cycle with oxygen, might open up new avenues in rhodium chemistry.