The pseudo‐octahedral complexes [Mo(η3‐allyl)Br(CO)2(PPynPh3–n‐P,N)] (Py = 2‐pyridyl; n = 2, 3) and [Mo(η3‐allyl)Br(CO)2(OPPymPh3–m‐O,N)] (m = 1, 2, 3) undergo three different dynamic processes in solution, depending on the chelating ligand. The complexes containing PPhPy2 and PPy3 as chelating P,N‐donors undergo a novel “pivoted double switch” mechanism which scrambles two equatorial coordination sites with racemization, while maintaining the identity of the phosphorus atom trans to the allyl ligand. The complexes containing 2‐pyridylphosphane oxides as chelating O,N‐donors undergo a nondissociative intramolecular trigonal‐twist (or turnstile) rearrangement which maintains the identity of the phosphane oxide oxygen atom coordinated in an equatorial position. All the complexes containing uncoordinated pyridyls undergo a slow dissociative exchange of pyridyls without coordination site scrambling. The structure of the complex [Mo(η3‐allyl)Br(CO)2(OPPy3‐O,N)] has been determined by X‐ray diffraction.