Here, we report a study of two isoelectronic Ir(I) complexes supported by different carboranyl phosphines, bearing either o-carborane or carba-closo-dodecaborate ligand substituents. The neutral Ir(I) complex containing the o-carboranyl phosphine ligand is not isolable and undergoes spontaneous B-H cyclometalation to afford an Ir(III) hydride. In contrast, the anionic Ir(I) complex supported by a phosphine with a carba-closo-dodecaborate ligand R-group is stable towards B-H activation. This divergent reactivity has important implications for the design of carborane containing ligands for catalysis. Both compounds are fully characterized by multinuclear NMR spectroscopy, HRMS spectrometry, and single crystal x-ray diffraction studies.