Accelerated substitution at chromium(III) in CraqONO22+ provides the basis for a novel route to the corresponding hydroperoxidochromium complex in aqueous solutions. Despite the great concentration advantage of water, the reaction of CraqONO22+ with 10–100 mM H2O2 generates >50 % yields of CraqOOH2+, which makes this reaction useful for preparative purposes, and may also represent a potential source of high‐valent chromium in biological environments. In a minor, parallel path, small concentrations of a superoxidochromium(III) complex, CraqOO2+, are also produced. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2008)