Functionalizedindolizines were prepared by Lewis acid‐catalyzed cyclizations of 3‐(pyridin‐2‐yl)‐propiolates with enones. This new type of reaction provides a convenient and regioselective approach to ester‐substituted indolizine derivatives which are not readily available by other methods. Based on density function theory (DFT) calculations, a mechanism of the reaction has been suggested.