Investigation into the mechanism of transfer hydrogenation using trans-[Fe(NCMe)CO(PPh2C6H4CH=NCHR-)(2)][BF4](2), where R = H (1) or R = Ph (2) (from R,R-dpen), has led to strong evidence that the active species in catalysis are iron(0) nanoparticles (Fe NPs) functionalized with achiral (with 1) and chiral (with 2) PNNP-type tetradentate ligands. Support for this proposition is given in terms of in operando techniques such as a kinetic investigation of the induction period during catalysis as well as poisoning experiments using substoichiometric amounts of various poisoning agents. Further support for the presence of Fe(0) NPs includes STEM microscopy imaging with EDX analysis, XPS analysis, and SQUID magnetometry analysis of catalytic solutions. Further evidence of Fe NPs acting as the active catalyst is given in terms of a polymer-supported substrate experiment whereby the NPs are too large to permeate the pores of a functionalized polymer. Final support is given in terms of a combined poisoning/STEM/EDX experiment whereby the poisoning agent is shown to be bound to the Fe NPs. This paper provides evidence of a rare example of asymmetric catalysis with nonprecious metal, zerovalent nanoparticles.