High-resolution spectroscopy of exoplanet atmospheres provides insights into their composition and dynamics from the resolved line shape and depth of thousands of spectral lines. WASP-127 b is an extremely inflated sub-Saturn (R p = 1.311 R Jup, M p = 0.16 M Jup) with previously reported detections of H2O and CO2. However, the seeming absence of the primary carbon reservoir expected at WASP-127 b temperatures (T eq ∼1400 K) from chemical equilibrium, CO, posed a mystery. In this manuscript, we present the analysis of high-resolution observations of WASP-127 b with the Immersion Grating Infrared Spectrometer on Gemini South. We confirm the presence of H2O (8.67σ) and report the detection of CO (4.34σ). Additionally, we conduct a suite of Bayesian retrieval analyses covering a hierarchy of model complexity and self-consistency. When freely fitting for the molecular gas volume mixing ratios, we obtain super-solar metal enrichment for H2O abundance of log10 X H2O = −1.23 −0.49+0.29 and a lower limit on the CO abundance of log10 X CO ≥–2.20 at 2σ confidence. We also report tentative evidence of photochemistry in WASP-127 b based upon the indicative depletion of H2S. This is also supported by the data preferring models with photochemistry over free-chemistry and thermochemistry. The overall analysis implies a super-solar (∼39× Solar; [M/H] = 1.59−0.30+0.30 ) metallicity for the atmosphere of WASP-127 b and an upper limit on its atmospheric C/O ratio as < 0.68.