Iron at the crossroads: A remarkable mechanistic dichotomy in iron‐catalyzed allylic substition increases not only the scope of regioselective allylic alkylation but could also herald the development of asymmetric allylic substitution (see Scheme, MTBE=methyl tert‐butyl ether). Depending on the ligand used, either a σ‐ or a π‐allyl mechanism is observed.