We report the reactivity between the Lewis acidic trioxatriangulenium ion (TOTA<sup>+</sup>) and a series of Lewis bases such as phosphines and <i>N</i>-heterocyclic carbene (NHC). The nature of the Lewis acid-base interaction was analyzed via variable temperature (VT) NMR spectroscopy, single-crystal X-ray diffraction, UV-visible spectroscopy, and DFT calculations. While small and strongly nucleophilic phosphines, such as PMe<sub>3</sub>, led to the formation of a stable Lewis acid-base adduct, frustrated Lewis pairs (FLPs) were observed for sterically hindered bases such as P(<i><sup>t</sup></i>Bu)<sub>3</sub>. The TOTA<sup>+</sup>-P(<i><sup>t</sup></i>Bu)<sub>3</sub> FLP was characterized as an encounter complex, and was found to promote the heterolytic cleavage of disulfide bonds, formaldehyde fixation, dehydrogenation of 1,4-cyclohexadiene, heterolytic cleavage of C–Br bond, and interception of Staudinger reaction intermediate. Moreover, TOTA<sup>+</sup> and NHC was found to first undergo single-electron transfer (SET) to form [TOTA]<sup>•</sup>[NHC]<sup> •+</sup>, which was confirmed via electron paramagnetic resonance (EPR) spectroscopy, and subsequently form a [TOTA-NHC]<sup>+</sup> adduct or a mixture of products depending the reaction condition used.