An unusual five‐coordinate isomer of the mononuclear complex [Rh(CO)2(PPh3)2I] has been isolated, and its crystallographic structure determined. The molecule has a slightly distorted trigonal‐bipyramidal structure, with both PPh3 ligands being in axial positions. A combination of IR and NMR spectroscopy with the results of DFT calculations shows that the complex maintains the same structure in solution. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2005)