The discovery of molecular catalysts for the CO2 reduction reaction (CO2RR) in the presence of water, which are both effective and selective towards the generation of carbon‐based products, is a critical task. Herein we report the catalytic activity towards the CO2RR in acetonitrile/water mixtures by a cobalt complex and its iron analog both featuring the same redox‐active ligand and an unusual seven‐coordination environment. Bulk electrolysis experiments show that the cobalt complex mainly yields formate (52% selectivity at an applied potential of −2.0 V vs Fc+/Fc and 1% H2O) or H2 (up to 86% selectivity at higher applied bias and water content), while the iron complex always delivers CO as the major product (selectivity >74%). The different catalytic behavior is further confirmed under photochemical conditions with the [Ru(bpy)3]2+ sensitizer (bpy = 2,2’‐bipyridine) and N,N‐diisopropylethylamine as electron donor, where the cobalt complex leads to preferential H2 formation (up to 89% selectivity), while the iron analog quantitatively generates CO (up to 88% selectivity). This is ascribed to a preference towards a metal‐hydride vs. a metal‐carboxyl pathway for the cobalt and the iron complex, respectively, and highlights how metal replacement may effectively impact on the reactivity of transition metal complexes towards solar fuel formation.