N-Heterocyclic phosphenium triflates (NHP-OTf) 1 serve as efficient catalysts for the regio- and chemoselective hydroboration of pyridines under ambient condition with good functional group tolerance. Mechanistic studies indicate that a boronium salt, [(Py)(2)center dot Bpin]OTf 4, is generated concomitant with NHP-H 5 via hydride abstraction from HBpin by 1 in the initial reaction step. Hydride reduction of the activated pyridine in [(Py)(2)center dot Bpin]OTf 4 by NHP-H 5 affords the 1,4-hydroboration product selectively. Thus, the phosphenium species act as a hydrogen transfer reagent in the catalytic cycle.