The BN analogue of ortho-benzyne, 1,2-azaborine, is generated by flash vacuum pyroylsis, trapped under cryogenic conditions, and studied by direct spectroscopic techniques. The parent BN-aryne spontaneously binds N2 and CO2, demonstrating its highly reactive nature. The interaction with N2 is photochemically reversible. The CO2 adduct of 1,2-azaborine is a cyclic lactam that undergoes photocleavage thus resulting in overall CO2 splitting.