Some bacterial heme proteins catalyze the coupling of two NO molecules to generate N2O. We previously reported that a heme Fe–NO model engages in this N−N bond‐forming reaction with NO. We now demonstrate that (OEP)CoII(NO) similarly reacts with 1 equiv of NO in the presence of the Lewis acids BX3 (X=F, C6F5) to generate N2O. DFT calculations support retention of the CoII oxidation state for the experimentally observed adduct (OEP)CoII(NO⋅BF3), the presumed hyponitrite intermediate (P.+)CoII(ONNO⋅BF3), and the porphyrin π‐radical cation by‐product of this reaction, and that the π‐radical cation formation likely occurs at the hyponitrite stage. In contrast, the Fe analogue undergoes a ferrous‐to‐ferric oxidation state conversion during this reaction. Our work shows that cobalt hemes are chemically competent to engage in the NO‐to‐N2O conversion reaction.