The activation of perfluoroalkyl iodides by the frustratedLewispair tris(pentafluorophenyl)borane and tri‐tert‐butylphosphine is described. By abstraction of both a fluorine and an iodine atom, an iodophosphonium fluoroborate salt is formed. In the presence of alkenes the corresponding iodoperfluoroalkylation products are generated regioselectively. First mechanistic investigations support a radical