Despite significant progress in recent years, the cleavage of unstrained C(sp3)C(sp3) bonds remains challenging. A CC coupling and cleavage reaction in a PC(sp3)P iridium pincer complex is mechanistically studied; the reaction proceeds via the formation of a carbene intermediate and can be described as a competition between α‐hydrogen and α‐alkyl elimination; the latter process was observed experimentally and is an unusual way of C(sp3)C(sp3) bond scission, which has previously not been studied in detail. Mechanistic details that are based upon kinetic studies, activation parameters, and DFT calculations are also discussed. A full characterization of a CC agostic intermediate is presented.