Structurally constrained, cationic PIII compound [LP][SbCl4] with an OCO pincer‐type ligand (L) having a central carbene donor was directly synthesized via an Sb‐to‐P metathesis reaction between PCl3 and LSb‐Cl. [LP][SbCl4] was isolated and its reactivity with small molecules (ROH and RNH2) was studied, showing that [SbCl4]– is not an innocent counter anion, but an active participant in these reactions. When the [SbCl4]– was replaced with the [CB11H12]– ([Cb]–) anion, the reactions were redirected to [LP]+ cation only. The reactions with alcohols and amines led to the equilibrium between the products of the formal E−H (E = O, N) bond oxidative addition to the P‐center and products of the P‐center/ligand‐assisted bond activation. Remarkably, [LP]+ activated the PhO−H and PhN(H)−H bonds in a reversible, thermoneutral fashion.