A facile and efficient one‐pot, two‐step synthesis of 1,2‐disubstituted 3‐(1H‐tetrazol‐5‐yl)‐2H‐isoindoles through Ugi four‐component reaction/AgNO3‐catalyzed reaction of 2‐alkynylbenzaldehydes, amines, isonitriles, and Me3SiN3 is described. This transformation proceeds through 5‐exo‐dig cyclization, [1,3]‐H shift, and [1,5]‐H shift to generate the products in moderate to excellent yields.