The feasibility of fabricating novel boron carbide–silicon carbide composites by spark-plasma sintering (SPS) of B4C+Si powder mixtures at only 1400 °C was investigated. First, it is shown that B4C can be fully densified at 1400 °C if ~20 vol% Si aids are used, leading to bi-particulate composites constituted by boron carbide (major phase) and SiC (minor phase). The formation of these composites is due to the fact that Si acts as a reactive sintering additive during SPS. Lower and higher proportions of Si aids are not optimal, the former leading to porous bi-particulate composites and the latter to dense triplex-particulate composites with some residual free Si. Importantly, it is also shown that these novel boron carbide–SiC composites are fine-grained, nearly-ultrahard, moderately tough, and more affordable to fabricate, a combination that makes them very appealing for many engineering applications. Second, it is demonstrated that during the heating ramp of the SPS cycles a eutectic melt is formed that promotes full low-temperature densification by transient liquid-phase sintering if sufficient Si aids are used. Otherwise, a subsequent stage of solid-state sintering is required at higher temperatures once the eutectic liquid has been consumed in the in-situ formation of SiC. And third, it is demonstrated that during SPS the original B4C undergoes a gradual isostructural crystallographic transition towards a Si-doped carbon-deficient boron carbide that is more relevant with increasing proportion of Si aids, and it is identified that the carbon source for the formation of SiC is almost exclusively the carbon exsoluted from the B4C crystals themselves during their isostructural transition. Finally, implications of interest for the ceramic and hard-material communities are discussed.