The synthesis of a series of dicationic Ir(III) complexes is described. Reaction of Ir(CO)(dppe)I (dppe = 1,2-bis(diphenylphosphino)ethane)) with RI (R = CH(3) and CF(3)) results in formation of the Ir(III) precursors IrR(CO)(dppe)(I)(2) (R = CH(3) (1a) and CF(3) (1b)). Subsequent treatment with AgOTf (OTf = triflate) generates the bis(triflate) analogues IrR(CO)(dppe)(OTf)(2) (R = CH(3) (2a) and CF(3) (2b)), which undergo clean metathesis with NaBARF (BARF = B(3,5-(CF(3))(2)C(6)H(3))(4)(-)) in the presence of 1,2-diiodobenzene (DIB) forming the dicationic halocarbon adducts [IrR(CO)(dppe)(DIB)][BARF](2) (R = CH(3) (3a) and CF(3) (3b)). Complexes 3a and 3b demonstrate facile exchange chemistry with acetonitrile and carbon monoxide forming complexes 4 and 5, respectively. NMR investigation of the mechanism reveals that the process proceeds through an eta(1)-diiodobenzene adduct, where labilization at the coordination site trans to the alkyl group occurs first. Complex 3a reacts with ethylene forming the cationic iridium(I) product [Ir(C(2)H(4))(2)(CO)(dppe)][BARF] (6), which demonstrates fluxional behavior. Variable-temperature NMR studies indicate that the five-coordinate complex 6 undergoes three dynamic processes corresponding to ethylene rotation, Berry pseudorotation, and intermolecular ethylene exchange in order of increasing temperature based on NMR line shape analyses used to determine the thermodynamic parameters for the processes. The DIB adducts 3a and 3b were also found to promote olefin isomerization of 1-pentene, and polymerization/oligomerization of styrene, alpha-methylstyrene, norbornene, beta-pinene, and isobutylene via cationic initiation.