Cyclopenta[a]quinolizine, a novel tricyclic pseudoazulene, was prepared by reaction of cyclopentadienyllithium with oxazolo[3,2‐a]pyridinium or substituted pyridinium salts. Structural analysis (X‐ray analysis, NMR and UV spectroscopy) and DFT calculations confirm its highly dipolar nature (due to delocalization of the negative charge around the five‐membered ring) combined with partial localization of bonds in both six‐membered rings.