The development of a highly active and selective porphyrin-based epoxide carbonylation catalyst, [(OEP)Cr(THF)2][Co(CO)4] (1; OEP = octaethylporphyrinato; THF = tetrahydrofuran), is detailed. Complex 1 is a separated ion pair composed of a tetracarbonylcobaltate anion and an octahedral chromium porphyrin complex axially ligated by two THF ligands. Regarding the carbonylation of epoxides to beta-lactones, catalyst 1 exhibits excellent turnover numbers (up to 10,000) and turnover frequencies (up to 1670 h(-1)), with regioselective carbonyl insertion occurring between the oxygen and the sterically less hindered carbon of the epoxide substrate. Complex 1 is highly tolerant of nonprotic functional groups, carbonylating an array of aliphatic and cycloaliphatic epoxides, as well as epoxides with pendant ethers, esters, and amides. With careful control of reaction conditions in the carbonylation of glycidyl esters, the exclusive production of either the beta- or gamma-lactone isomer was achieved. Through analysis of reaction stereochemistry, a mechanism for the formation of gamma-lactone products was proposed. Overall, a broad array of synthetically useful lactones has been synthesized in a rapid and selective fashion by catalytic carbonylation using [(OEP)Cr(THF)2][Co(CO)4].