This work addresses the question of what is the true catalyst when beginning with a site-isolated, atomically dispersed precatalyst for the prototype catalytic reaction of cyclohexene hydrogenation in the presence of cyclohexane solvent: is the atomically dispersed nature of the zeolitesupported, [Ir(C 2 H 4 ) 2 ]/zeolite Y precatalyst retained, or are possible alternatives including Ir 4 subnanometer clusters or larger, Ir(0) n , nanoparticles the actual catalyst? Herein we report the (a) kinetics of the reaction; (b) physical characterizations of the used catalyst, including extended X-ray absorption fine structure spectra plus images obtained by high-angle annular dark-field scanning transmission electron microscopy, demonstrating the mononuclearity and site-isolation of the catalyst; and the (c) results of poisoning experiments, including those with the size-selective poisons P(C 6 H 11 ) 3 and P(OCH 3 ) 3 determining the location of the catalyst in the zeolite pores. Also reported are quantitative poisoning experiments showing that each added P(OCH 3 ) 3 molecule poisons one catalytic site, confirming the single-metal-atom nature of the catalyst and the lack of leaching of catalyst into the reactant solution. The results (i) provide strong evidence that the use of a site-isolated [Ir(C 2 H 4 ) 2 ]/zeolite Y precatalyst allows a site-isolated [Ir 1 ]/zeolite Y hydrogenation catalyst to be retained even when in contact with solution, at least at 22°C; (ii) allow a comparison of the solid− solution catalyst system with the equivalent one used in the solid−gas ethylene hydrogenation reaction at room temperature; and (iii) illustrate a methodology by which multiple, complementary physical methods, combined with kinetic, size-selective poisoning, and quantitative kinetic poisoning experiments, help to identify the catalyst. The results, to our knowledge, are the first identifying an atomically dispersed, supported transition-metal species as the catalyst of a reaction taking place in contact with solution.