The P-stereogenic phosphiranes syn-and anti-Mes*PCH 2 CHPh (1−2, Mes* = 2,4,6-(t-Bu) 3 C 6 H 2 ) formed precatalysts for the hydroformylation of propylene using the precursor Rh(acac)(CO) 2 . Stoichiometric reactions gave the complexes Rh(acac)(L)(CO) (3−4). High-pressure NMR spectroscopy showed that Rh complex 3 was formed in the catalytic mixture, but on treatment with syngas (CO/H 2 ), the phosphirane was displaced from rhodium. These observations were consistent with a density functional theory study, which found that the equilibrium between Rh(acac)(CO) 2 , phosphiranes 1−2, CO, and Rh(acac)(L)(CO) (3−4) favored the starting materials. These results emphasized the competition between CO and phosphine ligands for coordination to rhodium during hydroformylation and the importance of strong Rh-L coordination to ensure control of catalyst properties.