The homoleptic bis(dithiolene) complexes [M(S(2)C(2)R(2))(2)](2) (M = Fe, Co; R = p-anisyl) undergo two successive reductions to form anions that display [M(S(2)C(2)R(2))(2)](2)(2-) <--> 2[M(S(2)C(2)R(2))(2)](1-) solution equilibria. The neutral dimers react with Ph3P to form square pyramidal [M(Ph(3)P)(S(2)C(2)R(2))(2)](0). Voltammetric measurements upon [M(Ph(3)P)(S(2)C(2)R(2))(2)](0) in CH(2)Cl(2) reveal only irreversible features at negative potentials, consistent with Ph(3)P dissociation upon reduction. Dissociation and reassociation of Ph(3)P from and to [Fe(Ph(3)P)(S(2)C(2)R(2))(2)](0) is demonstrated by spectroelectrochemical measurements. These collective observations form the basis for a cycle of reversible, electrochemically controlled binding of Ph(3)P to [M(S(2)C(2)R(2))(2)](2) (M = Fe, Co; R = p-anisyl). All members of the cycle ([M(S(2)C(2)R(2))(2)](2)(0), [M(S(2)C(2)R(2))(2)](2)(1-), [MM(S(2)C(2)R(2))(2)](2)(2-), [M(S(2)C(2)R(2))(2)](1-), [M(Ph(3)P)(S(2)C(2)R(2))(2)]) for M = Fe, Co have been characterized by crystallography. Square planar [Fe(S(2)C(2)R(2))(2)](1-) is the first such iron dithiolene species to be structurally identified and reveals Fe-S bond distances of 2.172(1) and 2.179(1) Angstrom, which are appreciably shorter than those in corresponding square planar dianions.