A simple method for the functionalization of closo-borates [closo-B10 H10 ](2-) (1), [closo-1-CB9 H10 ](-) (2), [closo-B12 H12 ](2-) (3), [closo-1-CB11 H12 ](-) (4), and [3,3'-Co(1,2-C2 B9 H11 )2 ](-) (5) is described. Treatment of the anions and their derivatives with ArI(OAc)2 gave aryliodonium zwitterions, which were sufficiently stable for chromatographic purification. The reactions of these zwitterions with nucleophiles provided facile access to pyridinium, sulfonium, thiol, carbonitrile, acetoxy, and amino derivatives. The synthetic results are augmented by mechanistic considerations.