The photochemical rearrangement of [Rh(η4‐1,5‐cod)TpMe2](TpMe2=hydrotris(3,5‐dimethylpyrazolyl)borato, 1,5‐cod=cycloocta‐1,5‐diene) to the new compound [Rh(η4‐1,3‐cod)TpMe2] (2) is described. The characterization of 2 was carried out using 1H‐, 13C‐, and 103Rh‐HMQC‐NMR spectroscopy. Photolysis of 2 is a versatile entry point into the organometallic chemistry of the {RhTpMe2} fragment as it can be used to produce a) hydrido‐carbonyl ([Rh(CO)H2TpMe2]), b) hydrido‐phenyl‐phosphite ([RhH(Ph)(P(OMe)3)TpMe2]), and c) ethoxide‐hydrido‐phosphite ([RhH(OEt)(P(OMe)3)TpMe2]) complexes.